--Approximately $45 million GO series 2009E;

--Approximately $62 million GO series 2009F (taxable).

The bonds are scheduled for competitive sale on Nov. 4, 2009, and are direct GOs of the Metro Government, payable from taxes levied on all taxable property of the government without limitation as to rate or amount. Series 2009E bonds will refinance outstanding bond anticipation notes; series 2009F bonds are qualified recovery zone bonds, benefitting from a 45% interest rate subsidy from the federal government. In addition, Fitch affirms the 'AA+' rating on Metro Government's approximately $209 million in outstanding GO unlimited tax bonds. The Rating Outlook is Stable.

The 'AA+' rating reflects the Metro Government's general credit strengths, including favorable, though recently pressured financial position; low debt levels, as the government finances many capital projects through operating sources; and limited borrowing needs. The local economy is diverse, although exposure to automobile manufacturing poses some credit risk. However, the broadening of the economy, which includes sizable health care, government, transportation, and service components, lessens the potential impact of the auto industry restructuring. Area unemployment rates have increased significantly and are likely to remain high in the near-term; however, growth in professional and business service sector jobs is expected to help offset declines in manufacturing. Fiscal balances remain adequate, but Fitch expects the Metro Government's finances will continue to be stressed over the next two years by reduced growth in the occupational tax, the government's largest revenue source, and expenditure increases related to public safety and pension increases. Nonetheless, management has demonstrated its willingness to align spending with available revenues and has implemented significant spending cuts in the current and succeeding fiscal years. Continued high unemployment and/or financial deterioration below current undesignated general fund levels pose some credit concern.

Following voter approval in 2000, the city of Louisville and Jefferson County merged in January 2003 to form the combined Metro Government and to replace the city and county governments. The Metro Government area, with a combined population of over 700,000, is the largest and wealthiest in the state.