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.

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