TEXT-S&P on the credit impact of Sandy

Nov 8 - By the time Sandy came ashore near Atlantic City, N.J., on Oct. 29,
it was no longer a hurricane: The National Weather Service had reclassified it
as a post-tropical cyclone. Yet a storm by any other name is just as harsh, and
the floods, winds, property destruction, power outages, gas shortages, and
transportation shutdowns Sandy inflicted on the Northeast U.S. were on a massive
scale-as was the loss of life, which totaled over 100 dead, many in flood-prone
sections of New York City.

Sandy generated insured losses of as much as $20 billion, according to early
estimates, and total economic damages of up to $50 billion. The high end of
those estimates would make Sandy, in real terms, the third-costliest storm in
U.S. history, after hurricanes Katrina in 2005 and Andrew in 1992.

"Although the storm hit the nation's most densely populated region, strong
advance planning by local, state, and federal authorities helped mitigate its
impact," said Standard & Poor's credit analyst Richard Siderman in a report
published today titled "Sandy Blows Through The Northeast With Only A Minimal
Ratings Impact."

According to the report, Sandy will likely have no near-term impact on ratings
on investment-grade infrastructure, transportation, communication and local
government issuers, and only a limited impact on re/insurers. Still, certain
issuers, both public and private, could come under pressure over time.

The report is available to subscribers of RatingsDirect on the Global Credit
Portal at www.globalcreditportal.com. If you are not a RatingsDirect
subscriber, you may purchase a copy of the report by calling (1) 212-438-7280
or sending an e-mail to research_request@standardandpoors.com. Ratings
information can also be found on Standard & Poor's public Web site by using
the Ratings search box located in the left column at www.standardandpoors.com.