Fitch Rates Dreyfus Municipal Bond Infrastructure Fund, Inc. VMTP Shares 'AAA'

Fitch Ratings assigns an 'AAA' rating to Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by Dreyfus Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB), a closed-end fund (Fund) managed by The Dreyfus Corporation (Dreyfus) and sub-advised by Standish Mellon Asset Management Company LLC (Standish):

--$50,000,000 Series W-7 VMTP Shares with a term redemption date of July 27, 2018.

The VMTP Shares closed on July 29, 2013. The proceeds of the issuance will be used to maintain fund leverage levels.

KEY RATING DRIVERS

The 'AAA' rating assignment reflects:

--Expectations for exceptionally strong capacity for payment of scheduled dividends and liquidation preference at the end of the term or upon mandatory redemption;

--Sufficient asset coverage provided to the notes as calculated per Fitch's asset coverage tests and published rating criteria;

--The structural protections afforded by mandatory collateral maintenance and de-leveraging provisions in the event of asset coverage declines;

--The legal and regulatory parameters that govern the Fund's operations;

--The capabilities of Dreyfus and Standish as fund advisers.

ASSET COVERAGE

As of June 31, 2013, the fund's asset coverage ratio for the VMTP Shares, as calculated in accordance with the Investment Company Act of 1940, was in excess of the minimum asset coverage threshold of 225% required by the fund's governing documents (Preferred Asset Coverage Ratio).

Additionally, the fund has also covenanted to maintain the Effective Leverage Ratio for both VMTP Shares and floating-rate certificates of tender option bonds below 50% of total assets. The fund's Effective Leverage Ratio is currently below 50%.

As of the same date, the fund's asset coverage ratio, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC Tests) per the 'AAA' rating guidelines outlined in Fitch's applicable criteria, were in excess of 100%. The fund's governing documents require that asset coverage for the VMTP Shares, as calculated in accordance with the Fitch OC tests, be maintained in excess of 100%.

STRUCTURAL PROTECTIONS

Should the asset coverage tests decline below their minimum threshold amounts, under the terms of the VMTP Shares the fund is required to cure the breach by altering the composition of the portfolio toward assets with lower discount factors (for Fitch OC Tests breaches), or by reducing leverage in a sufficient amount (for all test breaches) within a pre-specified time period of 60 calendar days.

THE FUND

The fund's investment objective is to provide as high a level of current income exempt from regular federal income tax as is consistent with the preservation of capital. The fund seeks to achieve its investment objective through investment of at least 80% of assets in municipal bonds issued to finance infrastructure sectors and projects in the United States. Infrastructure sectors and projects in which the fund may invest include transportation (toll roads), energy & utilities (wastewater treatment), social infrastructure (schools), and water & environmental (drinking water).

THE FUND'S ADVISERS

The fund is distributed by Dreyfus and is sub-advised by Standish, a BNY Mellon Company. Standish is responsible for the implementation and execution of the investment strategy on a day-to-day basis. Standish is an SEC registered and regulated investment advisor with $167bn in assets under management, $32.2bn of which is managed by the Tax-Sensitive Fixed Income group, and $13bn of which is in municipal mutual fund assets, as of March 31, 2013.

RATINGS SENSITIVITY

The rating is based on the terms of the notes stipulating mandatory collateral maintenance and de-leveraging provisions in the event of asset coverage declines. Should the Fund fail to cure an asset coverage breach, or the note purchasers not declare the notes due and payable upon an event of default due to an asset coverage breach, this may lengthen exposure to market value risk and cause the ratings to be lowered by Fitch.

The ratings may also be sensitive to material changes in the credit quality or market risk profile of the Fund. A material adverse deviation from Fitch guidelines for any key rating driver could cause the ratings to be lowered by Fitch.

For additional information about Fitch closed-end fund ratings guidelines, please review the criteria referenced below, which can be found on Fitch's website.

Additional information is available at www.fitchratings.com.

The sources of information used to assess this rating were the public domain and Dreyfus and Standish.

Opt-in to receive Fitch's forthcoming research on closed-end funds:

http://pages.fitchemail.fitchratings.com/FAMCEFBlankOptin/

Applicable Criteria and Related Research:

--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 15, 2012);

--'Municipal Closed-End Funds Dashboard' (Jun. 4, 2013).

Applicable Criteria and Related Research:

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686101

Municipal Closed-End Funds Dashboard

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709534

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=798105

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.