TEXT-S&P affirms Rabobank Nederland-supported bond ratings

(The following statement was released by the rating agency)
Feb 7 - Standard & Poor's Ratings Services today affirmed its 'AA/A-1+'
ratings on 23 bond issues supported by Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) letters of credit (LOCs). At
the same time, we removed the ratings from CreditWatch with negative
implications, where we had placed them on Jan. 13, 2012 (see list).

The long- and short-term components of our ratings on the bonds are based on
our long- and short-term issuer credit ratings on Rabobank Nederland
('AA/A-1+'). The long-term components of our ratings on the bonds address full
and timely payments of interest and principal when the bondholders have not
exercised the put option. The short-term components of our ratings address
full and timely payments of interest and principal when the bondholders have
exercised the put option.

Today's rating actions reflect the Jan. 23, 2012, affirmation of our 'AA/A-1+'
long- and short-term issuer credit ratings on Rabobank Nederland and the
removal of our long-term issuer credit rating from CreditWatch negative, where
we had placed it on Dec. 7, 2011.

Changes to our ratings on the bonds can result from, among other things,
changes to our ratings on the LOC provider, the expiration or termination of
the LOCs, or amendments to the transactions' terms.

RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE

Transaction CUSIP Rating
To From
California Poll Ctl Fin Auth
US$6.815 mil tax exempt var rt dem solid waste disp rev bnds ser 2001 due
10/01/2016
130536JD8 AA/A-1+ AA/Watch Neg/A-1+

US$1.4 mil var rt dem solid waste disp rev bnds ser 2002 due 11/01/2027
130536KG9 AA/A-1+ AA/Watch Neg/A-1+

Cassia Cnty Ind Dev Corp
US$7 mil var rt dem indl dev rev bnds ser 2006 due 08/01/2026
148188AB1 AA/A-1+ AA/Watch Neg/A-1+

Dalhart Econ Dev Corp
US$2.95 mil var rt dem indl dev rev bnds ser 2005 due 05/01/2028
234442AA9 AA/A-1+ AA/Watch Neg/A-1+

US$2.1 mil var rt dem indl dev rev bnds ser 2005 due 05/01/2030
234442AB7 AA/A-1+ AA/Watch Neg/A-1+

Dodge City
US$6 mil indl dev rev bnds ser 2000 due 03/01/2015
256335GM6 AA/A-1+ AA/Watch Neg/A-1+

Iowa Fin Auth
US$7.7 mil var rt dem solid waste disp rev bnds ser 2006 due 10/01/2031
46245EAS6 AA/A-1+ AA/Watch Neg/A-1+

US$6 mil var rt dem solid waste disp rev bnds ser 2007 due 06/01/2027
46245EAU1 AA/A-1+ AA/Watch Neg/A-1+

US$5.3 mil var rt dem solid waste disp rev bnds ser 2007 due 09/01/2036
46245EAV9 AA/A-1+ AA/Watch Neg/A-1+

US$3.25 mil var rt dem ref rev bnds ser 2009 due 02/01/2027
46246KA69 AA/A-1+ AA/Watch Neg/A-1+

Jasper Cnty
US$15.535 mil County of Jasper, Indiana var rt dem rfdg rev Bonds, Segregated
Series 2010
471375AC9 AA/A-1+ AA/Watch Neg/A-1+

US$15.535 mil County of Jasper, Indiana var rt dem rfdg rev Bonds, Segregated
Series 2010
471375AB1 AA/A-1+ AA/Watch Neg/A-1+

US$15.535 mil County of Jasper, Indiana var rt dem rfdg rev Bonds, Segregated
Series 2010
471375AA3 AA/A-1+ AA/Watch Neg/A-1+

US$5.275 mil var rt dem econ dev rev bnds ser 2002 due 02/01/2022
47136PAH5 AA/A-1+ AA/Watch Neg/A-1+

Lafayette
US$24.2 mil solid waste disp rev bnds ser 2006 due 09/01/2028
506347AA1 AA/A-1+ AA/Watch Neg/A-1+

Loudon Indl Dev Brd
US$50 mil solid waste disp rev bnds ser 2006 due 09/01/2036
545844AA0 AA/A-1+ AA/Watch Neg/A-1+

Nebraska Invest Fin Auth
US$2 mil var rt dem solid waste disp rev bnds ser 2005 due 09/01/2025
63967GAA1 AA/A-1+ AA/Watch Neg/A-1+

US$6.5 mil var rate dem solid waste disp rev bnds ser 2009 due 12/01/2037
63967GAD5 AA/A-1+ AA/Watch Neg/A-1+

Lower Cape Fear Wtr & Swr Auth
US$24.665 mil var rt spec fac rev bnds ser 2010 due 12/01/2034
548073AA3 AA/A-1+ AA/Watch Neg/A-1+

Pinal Cnty Indl Dev Auth
US$6.75 mil var rate dem solid waste disp rev bnds ser 2002 due 04/01/2032
722049AB9 AA/A-1+ AA/Watch Neg/A-1+

Port of Morrow
US$10 mil tax-exempt var rt dem solid waste disp rev bnds ser 2001A due
06/01/2021
734741AN1 AA/A-1+ AA/Watch Neg/A-1+

US$10 mil tax exempt var rt dem solid waste disp rev bnds ser 2001C due
06/01/2021
734741AQ4 AA/A-1+ AA/Watch Neg/A-1+

Sweetwater Cnty
US$32.7 mil envir imp rev bnds ser 2007 due 07/01/2026
870481AD0 AA/A-1+ AA/Watch Neg/A-1

(Caryn Trokie, New York Ratings Unit)