The Montana Board of Investments received a AA long-term rating, a F1 short-term rating and a stable outlook from Fitch Ratings ahead of the state Board of Investments’ plans to price $12 million of bond issuance on Feb. 22.

Piper Jaffray & Co. and D.A. Davidson are the underwriters for the annual adjustable-rate tender-option Municipal Finance Consolidation Act bonds (Intercap revolving program), Series 2013.

Fitch has also affirmed its AA long-term ratings on $215.1 million in outstanding bonds of the Montana Board of Investments and the Montana Facility Finance Authority.

The MBOI’s Intercap program is primarily for Montana local government, university and state entities, while the MFFA’s master loan program is primarily for health care facilities. State statute limits bonds issued under each program to $190 million.

Fitch rates the state of Montana’s general obligation bonds AA-plus.

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