8%, up 40 basis points from that of 2003. 31, 2004,
debt/EBITDA was 1.00% (11/15/11) 8.08%
FNMA 1.48%
Sovereign 0.79%
Poland 2.18%
Panama 0.09%
BB 10.

costa largely

relatively puntarenas

Internal growth
from core operations in 2004 was 5.
Approximately one-third of its revenues are under franchise agreements
(average contract lasts about 15 years) wherein RSG has exclusive
rights to a territory.

ACM Government Opportunity Fund, Inc.13%
Corporate:
Supranationals 2.

The standard of living is relatively high.

infrastructure limon

While RSG's main competitors continue to suffer from margin
deterioration, the company expanded margins in 2004.00%

Country Breakdown
Portfolio%
United States 69.94%
BBB 2 .

ownership alajuela

9%, with 2.50% (11/15/09) 8.

largely sectors

99%
Brady Bonds 0.

jose ambassador

3x in 2003 , and
EBITDA/interest coverage improved to 9.
RSG has maintained stable free cash flow over the past several
years through the economic cycle. Fitch does
not anticipate RSG's debt level to fluctuate largely, as no large
acquisitions are expected in the near term.75% (08/15/07) 4.22 %
Sovereign 28.00%

Credit Quality Breakdown
Portfolio%
AAA 71.31%
Total 100.

factbook jose

00% (09/12/08) 2.25%
Ecuador 0.03%
Total 100.-registered management
investment company advised by AllianceBernstein L.

infrastructure panama

The new unsecured notes are being issued in
exchange for up to $275 million of RSG's outstanding 7 1/8% unsecured
notes due May 15, 2009. The Rating Outlook is
Positive. The ratings also
incorporate the low volatility of the solid waste industry.7
billion in 2004.25% (05/15/30) 9 .78%
9) US Treasury 2.96 Years
Total Net Assets: $110.

largely heredia

RSG has demonstrated a conservative approach to
acquisitions and a disciplined focus on internal growth, as well as a
healthy balance sheet. Volumes have been strong as economic
conditions improved; however, pricing still remains competitive across
the industry although it appears to have started improving.

ACM Government Opportunity Fund Releases Monthly Portfolio Update

00% (09/30/07) 7.75%
A 7.

although puntarenas

3% from price increases
and 3.07%
Costa Rica 0. Maturity: 9.

'Although still a largely agricultural country, [Costa Rica] has expanded its economy to include strong technology and tourism sectors.

infrastructure costa

Fitch Rates Republic Services' New Sr Unsec Notes 'BBB+'

EBITDA
grew by 9.00%

Portfolio Statistics
Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 23.

central rica

The EBITDA growth, together with debt reduction in
2004, resulted in stronger credit profile . Another one-third of revenues are derived from
small/midsize markets where RSG has leading market shares.12%
8) Poland 6.17%
GNMA 0.92%
SUBTOTAL 0.87 Years
Duration: 6.

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change.

ambassador alajuela

50%
6) US Treasury 4.72%
CCC 1.S.

divided rica

At Dec.2x in 2003. Despite strong free cash
flow , heavy share repurchases will likely preclude any further balance
sheet improvement.01%
SUBTOTAL 2.

limon expanded

(NYSE: AOF) (the "Fund") today released its monthly portfolio
update as of January 31, 2006.48%

Security Type Breakdown
Portfolio %
Treasury 66.78%
Venezuela 2.30%
Dominican Republic 0.19%
B 6.

rica factbook

EBITDA
margin in 2004 was 26.

Top 10 Fixed-Income Holdings
Portfolio%
1) US Treasury 3.92%
Total 100.01%
Colombia 1.16%
Ukraine 0.58
Number of Holdings: 51

* Investment Operations may include the use of certain portfolio
management techniques such as credit default swaps, dollar rolls,
negative cash, reverse repurchase agreements and when-issued
securities. The Fund is a closed-end U.

'
Costa Rica is divided into seven Provinces: San Jos, Alajuela, Cartago, Heredia, Guanacaste, Puntarenas, and Limon.

cartago infrastructure

52%
5) US Treasury 3.16%
Argentina 3.42%*
Preferred Stock: 0%
Total: 23.42%

Avg.

divided cartago

6% to $2.77%
7 ) US Treasury 2.25% (10/24/15) 2.

Costa Rica is located between Nicaragua and Panama , with the Caribbean on the east and the Pacific Ocean on the west.

cartago relatively

Land ownership is widespread.

alajuela rica

2x in 2004 from 8.

75% (05/15/08) 14.66%
2) US Treasury 6.50% (05/31/07) 8.48%
10) European Investment Bank 0.49%
Short-term:
REPO 0.7 Million
Net Asset Value: $8.

guanacaste cartago

RSG's strong positions in high
population growth and geographically diverse markets, along with
disciplined spending have supported the company's steady cash flows.86%
4) US Treasury 14.44%
Indonesia 1.

limon divided

Covenants and other terms for the new notes
will be similar to the existing notes .
The ratings are supported by RSG's strong operating performance,
strong credit measures, stable free cash flow, and high degree of
financial flexibility.25% (02/15/07) 2.76%
Mexico 5.37%
Peru 2. P.

jose limon

Business Editors

CHICAGO----Fitch Ratings has
assigned a 'BBB+' rating to Republic Services' (NYSE:RSG ) new senior
unsecured notes due 2035.6% from volume growth.9 times (x), down from 2. NEW YORK , ACM Government Opportunity
Fund, Inc.27%
Brazil 6.79%
Turkey 1.

province widespread

Fitch's ratings for RSG's
existing senior unsecured notes is 'BBB+'. The company reduced debt by $166 million in
2004, which further improved its credit statistics .2% to $725 million while revenues grew by 7.
The company is expected to continue to generate strong free cash
flow in 2005, although lower than the 2004 level due to higher tax
payments and capital expenditures, and is expected to redistribute its
free cash flow to shareholders in the form of dividends and share
repurchases, while continuing to make smaller acquisitions.21%
3) US Treasury 3 .64%
Philippines 2.