Puerto Rico Municipal Finance Agency (MFA)

Credit Ratings

	Moody's	Standard & Poor's
1998 Series A Bonds	Baa1	A-
1992 Series A Bonds	Baa1	A-
1994 Series A Bonds other than insured Bonds	Baa1	AAA BBB+
Underlying Rating	Aaa	AAA
1994 Series A Bonds - FSA Insured	Aaa	AAA
1997 Series A FSA Insured	Aaa	AAA
Underlying Rating	Baa3	---
1997 Series B Refunding Bonds other than Insured Bonds	Baa2	BBB+
Insured Bonds	Aaa	AAA
1999 Series A Bonds - FSA Insured          Underlying Rating	Aaa Baa3	AAA Not Rated
1999 Series B Refunding Bonds          Underlying Rating	Aaa Baa3	AAA Not Rated
2002 Series A Bonds - FSA Insured          Underlying Rating	Aaa Baa3	AAA BBB-
2005 Series A Bonds - other than insured bonds	Baa3	BBB-
2005 Series A Bonds - FSA Insured          Underlying Rating	Aaa Baa3	AAA BBB-
2005 Series A Bonds - CIFG Insured          Underlying Rating	Baa3 Baa3	A- BBB-
2005 Series B Refunding Bonds	Baa3	BBB-
2005 Series B Refunding Bonds - CIFG insured bonds          Underlying Rating	Baa3 Baa3	A- BBB-
2005 Series C Refunding Bonds	Baa3	BBB-
2005 Series C Refunding Bonds - FSA insured bonds          Underlying Rating	Aaa Baa3	AAA BBB-
2005 Series C Refunding Bonds - CIFG insured bonds          Underlying Rating	Baa3 Baa3	A- BBB-
Standard & Poor’s – October 16, 2008 Moody’s – October 8, 2008

Security

The bonds are payable from the Agency's revenues and any money appropriated or transferred to the Agency by the Commonwealth. Revenues are derived mainly from principal and interest payments on municipal bonds purchased by the Agency. The Bondholders are also protected by a Reserve Fund which equals the maximum debt service payment of the bonds on any given year and moral obligation of the Commonwealth to restore amounts drawn from the Reserve Fund.

Functions

The Agency is a municipal bond bank, with the purpose of consolidating the credits and financing requirements of numerous municipalities.

Trustee Under the Trust Indenture:
2005, 2002, 1999, 1998, 1994, and 1992 Series A Bonds
Banco Popular de Puerto Rico, San Juan, PR
2005 Series A
US Bank, MN

Financial Statements Audited by:
RSM ROC & Company