Fitch has also affirmed the ratings of the following outstanding bonds of the MBOI and Montana Facility Finance Authority (MFFA):
95 million MBOI INTERCAP revolving program bonds, at 'AA/F1+';
The bonds are secured by loan repayments from their respective borrowers and are additionally secured by a debt service reserve fund equaling maximum annual debt service and the irrevocable and absolute pledge of the MBOI to replenish debt service reserve fund shortfalls.
1 million in INTERCAP program and irrigation bonds issued directly by the MBOI, and $120.
All INTERCAP program bonds of MBOI and master loan program bonds of the MFFA are secured by loan repayments from individual borrowers, with bondholder security enhanced by the MBOI's irrevocable and unconditional pledge to make up any deficiency in the debt service reserve fund five days prior to the debt service payment date.