TEST-S&P confirms 14 LOC-backed bonds ratings

Wed Nov 21, 2012 12:50pm EST

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Nov 21 - Standard & Poor's Ratings Services today confirmed its ratings on
14 bonds fully supported by letters of credit (LOCs) due to the extension of the
LOC expiration dates for each bond.

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. 

The complete ratings list is available in "LOC-Supported Bond Ratings 
Confirmed Due To Extended LOC Expiration Dates," published today on the Global 
Credit Portal on RatingsDirect. The list is also available on Standard & 
Poor's Web site, at www.standardandpoors.com. On the home page, under Ratings 
Resources, click on Ratings Actions and then select Structured Finance.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating 
relating to an asset-backed security as defined in the Rule, to include a 
description of the representations, warranties and enforcement mechanisms 
available to investors and a description of how they differ from the 
representations, warranties and enforcement mechanisms in issuances of similar 
securities. The Rule applies to in-scope securities initially rated (including 
preliminary ratings) on or after Sept. 26, 2011. 

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this 
credit rating report is available at 
"RELATED CRITERIA AND RESEARCH
     -- Methodology And Assumptions: Approach To Evaluating Letter Of 
Credit-Supported Debt, July 6, 2009
 
 
 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.
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