Fitch also affirms the 'F1+' rating on
the RFS commercial paper note program, which has an authorized maximum
amount of $200 million .

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The custom built course was conducted by specialised Swedish psychologist
and researcher Thomas Nilsson together with senior G4 executive Pieter
Remmers and senior trainer Rob d'Hondt.

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31 , 2004, which is 1.9% of fiscal 2004 revenues.

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The Rating Outlook remains Stable. The series 2005A bond
proceeds in the approximate amount of $170 million will be used to
refund up to $62 million of outstanding series 1997, 1999, and 2001A
outstanding bonds; convert $93 million of outstanding RFS commercial
paper notes to long term bonds; and provide new money of $15 million.5% during this same
period, but the increase in grant funding is largely offset by an
increase in research expense .

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9%, however, the decline has been offset by a 7. The A+M system's
revenue-supported debt load is manageable with projected maximum
annual debt service representing 3.9 million, providing ample coverage of maximum liquidity
demands.
Fitch maintains a Stable Outlook for the Texas A+M System given
the system's stable financial performance, which is expected to
continue given the manageable debt burden, revenue diversity, and
increasing enrollment.

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eCOGRA Casinos First to Receive Responsible Gaming Education

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The regulations provide minimum standards and requirements in respect of
warnings and options regarding problem gambling, self exclusion and control
mechanisms for gamblers, and promotional and advertising best practices in
this area.
Andrew Beveridge, CEO of eCOGRA told delegates that responsible gaming
was a critically important element in online gaming operations from both a
moral and practical industry viewpoint and eCOGRA was yet again leading the
way in setting gold standards player protection practices for the industry to
follow."
He added, "Your commitment in joining eCOGRA has its roots in a real
desire to be professional, responsible and above-average in your operational
practice. The responsible gaming aspect has now been made an integral part of
the eCOGRA standards required to achieve this level of business conduct.
The series 2005B bond proceeds in the approximate amount of $300
million will be used to refund up to $220 million of outstanding
series 1997, 1999, and 2001B outstanding bonds; convert $62 million of
outstanding RFS commercial paper notes to long-term bonds; and provide
new money of $18 million. State appropriations are not
expected to decline for the upcoming fiscal years 2006 and 2007.3 times (x) the amount of RFS debt to
be outstanding after the series 2005 issuance.

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He said, "Apart from a firm moral obligation to prevent underage or
addictive gambling, we must remember that the industry's detractors are
increasingly focused on the dangers of underage or addictive gambling, and
this is a potential Achilles Heel for the industry.
The three main funding sources for the A+M system are state
appropriations (34% of total revenues), sponsored programs, largely
funded by the federal government (28%), and net tuition and fees
(19%).

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"
Website: http://www.

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ecogra.org

Currently, $200 million is outstanding , but
$155 million is expected to be refunded with the series 2005 A and B
bonds. For the
analysis of internal liquidity to support the authorized $200 million
RFS commercial paper notes and $10 million of permanent university
fund flexible-rate notes, Fitch reviewed the investments that were
identified as being available to redeem the CP and variable-rate notes
in the event of a failed remarketing .

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Business Editors

NEW YORK----Fitch Ratings assigns the
rating of 'AA+' to the Texas A+M University System's (the A+M system)
revenue financing system (RFS) bonds series 2005A and refunding bonds
series 2005B.

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40 delegates, representing general management, support, audit and
marketing disciplines for 55 seal-bearing casinos, attended the event. Over the past three fiscal years, state appropriations have
declined by 2.

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Fitch affirms the 'AA+' long-term rating of
approximately $693 million of outstanding revenue financing system
(RFS) bonds as listed below.

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Liquidity is a strength for both the 'AA+' long-term rating and
the 'F1+' short term rating.

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The underwriter for the
series 2005B bonds is expected to be Goldman, Sachs + Co. The A+M
system's fall 2004 enrollment was 101,589, reflecting an 11% increase
since fall 2000.8%
increase in net tuition and fees.2 billion
as of Aug.
The following are outstanding RFS bonds (as of 5/20/04) rated by
Fitch:

$794,929 series 1990A;

$49,260,000 series 1996;

$31,930,000 series 1997;

$157,365,000 series 1999;

$68,050,000 series 2001A;

$87,905,000 series 2001B;

$79 ,505,000 series 2002;

$117,135,000 series 2003A;

$101,010,000 series 2003B.

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The programme, believed to be an industry first for a collective group of
online casinos, was designed to brief eCOGRA seal casino managers on the new
regulations and provides them with sufficient information to set up policies
and training programs in preparation for the introduction of the new safety
precautions contained within the eGAP requirements.
Sponsored program revenue has increased by 24.

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eCOGRA 's regulations have been framed in consultation with the G4 (Global
Gambling Guidance Group) organisation which recently introduced responsible
gaming policies and operating parameters at eCOGRA approved PokerRoom. The A+M system's freshman acceptance rate of 77% is
typical of most public universities , however, the matriculation rate
of 56% indicates that the A+M system is the first choice for most
students that are accepted.

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com.
The bonds are expected to be sold on May 27. Both series
of bonds will be issued as fixed-rate bonds.

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Organised by independent self-regulator eCommerce and Online Gaming
Regulation and Assurance (eCOGRA), the course was held to coincide with new
responsible gaming requirements recently approved by its Board. The underwriter for
the series 2005A bonds is expected to be UBS.

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The
programme included expert tuition on the prevention of underage gambling, the
psychology of problem gamblers, how to identify compulsive players and the
best way to handle cases of this nature.

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Casino Managements Shown How to Deal With Problem Gambling Issues

LONDON, Management delegates from online casino
operations around the world converged on Cape Town, South Africa last week
for a unique educational seminar on problem gambling.

Fitch Assigns 'AA+' to Texas A+M Rev Fin System Bonds

Available funds, as measured by cash and
investments that are not restricted, were slightly over $1. As of April 30, 2005, highly
liquid money market fund and U.S. government fixed-income investments
totaled $345.

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The 'AA+' long-term rating on the RFS bonds reflects the A+M
system's stable operating performance, strong liquidity, favorable
student demand, and significant state and alumni support.