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Fitch Affirms Ratings on 33 U.S. Utility Tariff ABS Deals

NEW YORK-(Business Wire)-September 4, 2008 - Fitch has affirmed ratings on its 33 rated outstanding U.S. utility tariff bond transactions following completion of its sector review.

All of the bonds in the portfolio are performing as originally expected. A significant contributor to the strong performance of this asset class is the true-up mechanism that allows for the annual, or in some cases more frequent, adjustment of the underlying collateral, a dedicated utility tariff, to preserve the expected amortization of the bonds.

For more information on utility tariff bonds, see Fitch's Aug. 30, 2007 report, 'Rating Criteria for U.S. Utility Tariff Bonds', available on the Fitch Ratings web site at www.fitchratings.com.

Fitch has affirmed the ratings of the following classes:

AEP Texas Central Transition Funding, LLC

Series 2002-1

—Class A-3 'AAA';

—Class A-4 'AAA';

—Class A-5 'AAA'.

AEP Texas Central Transition Funding II, LLC

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA';

—Class A-5 'AAA'.

Atlantic City Electric Transition Funding, LLC

Series 2002-1

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

Series 2003-1

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA'.

CenterPoint Energy Transition Bond Company, LLC

Series 2001-1

—Class A-3 'AAA';

—Class A-4 'AAA'.

CenterPoint Energy Transition Bond Company II, LLC

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA';

—Class A-5 'AAA'.

ComEd Transitional Funding Trust

Series 1998

—Class A-7 'AAA'.

Connecticut RRB Special Purpose Trust, CL&P-1

Series 2001

—Class A-4 'AAA';

—Class A-5 'AAA'.

Consumers Funding, LLC

Series 2001-1

—Class A-4 'AAA';

—Class A-5 'AAA';

—Class A-6 'AAA'.

Detroit Edison Securitization Funding, LLC, The

Series 2001-1

—Class A-4 'AAA';

—Class A-5 'AAA';

—Class A-6 'AAA'.

Entergy Gulf States Reconstruction Funding I, LLC

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA'.

FPL Recovery Funding

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

Illinois Power Special Purpose Trust

Series 1998-1

—Class A-7 'AAA'.

JCP&L Transition Funding, LLC

Series 2002-A

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

JCP&L Transition Funding II, LLC

Series 2006-A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

Massachusetts RRB Special Purpose Trust BEC-1

Series 1999

—Class A-5 'AAA'.

Massachusetts RRB Special Purpose Trust WMECO-1

Series 2001

—Class A-1 'AAA'.

MP Environmental Funding LLC

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

MPC Natural Gas Funding Trust

Series 1998

—Class A-1 'AAA'.

PE Environmental Funding LLC

Series A

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

Oncor Electric Delivery Transition Bond Company, LLC

Series 2003-1

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

Series 2004-1

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA'.

PECO Energy Transition Trust

Series 2000-A

—Class A-3 'AAA';

—Class A-4 'AAA'.

Series 2001-A

—Class A-1 'AAA'.

PG&E Energy Recovery Funding, LLC

Series 2005-1

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA';

—Class A-5 'AAA'.

Series 2005-2

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA'.

PP&L Transition Bond Company, LLC

Series 1999-1

—Class A-8 'AAA'.

PSE&G Transition Funding, LLC

Series 2001-1

—Class A-4 'AAA';

—Class A-5 'AAA';

—Class A-6 'AAA';

—Class A-7 'AAA';

—Class A-8 'AAA'.

PSE&G Transition Funding II, LLC

Series 2005-1

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA';

—Class A-4 'AAA'.

PSNH Funding, LLC

Series 2001-1

—Class A-2 'AAA';

—Class A-3 'AAA'.

Rockland Electric Company Transition Funding, LLC

Series 2004-1

—Class A-1 'AAA'.

RSB BondCo LLC

Series 2007-1

—Class A-1 'AAA';

—Class A-2 'AAA';

—Class A-3 'AAA'.

WPP Funding, LLC

Series 2005-A

—Class A-1 'AAA'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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