February 2009 Archive

The Finance Authority of Maine (FAME) is displaying the works of Maine artist Lea Peterson, who hails from Georgetown.  In support of this exhibition, FAME Acting CEO Beth Bordowitz stated:  “FAME is proud to recognize and support the important contributions that Maine artists make to our communities.”

Ms. Peterson is a pastel artist whose paintings are primarily seascapes and landscapes that convey the many moods of the Maine coast.  She enjoys painting the rocky shores, tides, marshes, people, villages, wildlife and flora of Maine.  Peterson has been drawing and painting since she was eight years old, painting prolifically in oils and watercolors.  She has studied with several instructors and at the University of Maryland, where she minored in Studio Art, including oils, sculpture and printmaking. 

Following a career as an award-winning writer and communication director, Peterson recently returned to painting, this time with pastels.  She is a member of the Maine Art Gallery, American Society of Marine Artists, Pastel Painters of Maine, Kennebec Art Club, and Merrymeeting Art Association.  She also is a partner in the Old Post Office Gallery in Georgetown.  Her work has appeared in juried exhibitions at the Chocolate Church, Maine Art and Freeport Square galleries.  Peterson may be reached at (207) 371-2015 or LLPmaine@hughes.net.   

FAME hopes to bring visibility to the achievements of all Maine artists by providing opportunities to exhibit their artwork and to inspire passion about art in others.  To learn more about FAME art exhibits and openings, or if you are an artist who would like to have your work considered for exhibition, please contact FAME at 1-800-228-3734.  The FAME building is located at 5 Community Drive, Augusta, Exit 112 off 95.  The exhibit is open to the public until April 1, 2009.      

The Finance Authority of Maine (FAME) was informed recently that Moody's Investors Service (Moody’s) has downgraded the ratings of FAME’s education loan revenue bonds.  The ratings are a result of market conditions and the ratings of FAME’s bond insurer, Ambac Assurance Corporation (Ambac).  The ratings downgrade is not an indication of FAME’s financial standing, however. 

According to a press release issued by Moody’s on January 30, 2009, the ratings downgrade of the education loan revenue bonds was based on the ratings downgrade of Ambac, which unconditionally and irrevocably guarantees timely payment of interest and the ultimate payment of principal on the maturity date of the bonds.

FAME decided to insure its education loan revenue bonds through Ambac in 2007 largely due to Ambac’s AAA rating at the time.

Moody’s announced recently that several other student loan bonds issued by other entities have had their bond ratings downgraded.

Beth Bordowitz, Acting CEO of FAME, stated:  “The student loan market has been broken for a full year now.  FAME has been trying to refinance its bonds but it’s nearly impossible in this market.  Due to market conditions and Ambac’s financial position, the costs of the bonds to FAME are much higher than anticipated.  We will continue to make every effort to refinance the bonds to reduce costs.”

Bordowitz emphasized that Moody’s new credit rating will have no effect on Maine students.  "FAME is proud to have remained in the student loan market when so many others have exited.  Due in large part to FAME’s presence in the market, to our knowledge no Maine student has been unable to secure a federally-guaranteed student loan.”

For more information on Moody’s action, please visit www.moodys.com.