S&P Credit Research http://www.alacrastore.com/publisher-rss/s-and-p-credit-research Saturday, May 17, 2008 9:45:42 AM 232 en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/648883?CMP=OTC-RSSPUB&HQS=spcredspcred/648883normThe latest Summary from S&Ppubfin5/16/2008 9:01:05 PM175Summary648883United StatesUnited StatesPublic FinanceSummaryThe 'AA' rating on Clear Fork Valley Local School District, Ohio's general obligation bonds reflects the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. The program is structured to provide school bonds with added security from a state aid withholding mechanism that has strong statutory provisions. Upon state approval, the agreement between the state and local school district for participation in the program is irrevocable as long as any program debt is outstanding. Standard&Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program isUSA184558Clear Fork Vy Local Sch Dist315432USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648884?CMP=OTC-RSSPUB&HQS=spcredspcred/648884normThe latest Summary from S&Ppubfin5/16/2008 9:01:05 PM175Summary648884United StatesUnited StatesPublic FinanceSummaryThe 'AA' rating on Minford Local School District, Ohio's general obligation bonds reflects the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. The program is structured to provide school bonds with added security from a state aid withholding mechanism that has strong statutory provisions. Upon state approval, the agreement between the state and local school district for participation in the program is irrevocable as long as any program debt is outstanding. Standard&Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed accordingUSA603483Minford Local Sch Dist324929USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648885?CMP=OTC-RSSPUB&HQS=spcredspcred/648885normThe latest News from S&Ppubfin5/16/2008 9:01:05 PM100News648885United StatesUnited StatesPublic FinanceNewsSAN FRANCISCO (Standard&Poor's) May 16, 2008-- Standard&Poor's Ratings Services raised its rating to 'A-' from 'BBB+' on the City of Alamosa, Colo.'s series 2002 certificates of participation (COPs), issued by the Alamosa Capital Leasing Corporation. The outlook is stable. "The rating change reflects the city's track record of virtually stable reserves following one-time spending in 2002 to build a family center that was also funded by these COPs. Management expects this pattern to continue in the near term even after adjusting for potential weakness in sales tax revenues this year," said Standard&Poor's credit analyst Chris Morgan. "The city does not expect to issue any additional debt prior to these obligations maturing in 2013." TheUSA011576011554Alamosa26155USANEWSPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648886?CMP=OTC-RSSPUB&HQS=spcredspcred/648886normThe latest Summary from S&Ppubfin5/16/2008 9:01:05 PM175Summary648886United StatesUnited StatesPublic FinanceSummaryStandard&Poor's Ratings Services raised its rating to 'A-' from 'BBB+' on the City of Alamosa, Colo.'s series 2002 certificates of participation (COPs), issued by the Alamosa Capital Leasing Corporation. The rating change reflects the city's maintenance of stable reserves relative to expenditures during an extended period and management's expectation of similar near-term performance. The bonds are secured by annual lease payments, subject to annual appropriation, for the use of an approximately 26,000-square-foot family center, located on eight acres of city-owned land. Key credit factors include its: Southern Colorado economic base that exhibits low incomes; Stable financial performance with good reserve levels; and Low debt ratios and rapid amortization of principal. The city encompasses three square miles in southernUSA011576011554Alamosa26155USASUMMARYUSAAlamosa Cap Lsg Corp.402983USAPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648887?CMP=OTC-RSSPUB&HQS=spcredspcred/648887normThe latest News from S&Ppubfin5/16/2008 9:01:05 PM100News648887United StatesUnited StatesPublic FinanceNewsDALLAS (Standard&Poor's) May 16, 2008-- Standard&Poor's Ratings Services revised its outlook to positive and affirmed its 'BBB+' underlying rating on Brazosport College District, Texas' outstanding revenue bonds, series 2001, 2002, and 2006. "The positive outlook reflects the district's overall balanced financial operations on a full accrual basis and revenue flexibility in the property tax operating levy," said Standard&Poor's credit analyst Bianca Gaytan-Burrell. "The district also has good revenue diversity from state appropriations." Brazosport Junior College was established in 1948, and serves a portion of southern Brazoria County ('AA-/Stable'), 35 miles south of Houston along the Texas Gulf Coast. The estimated population of the district's service area is approximately 78,500. Because of the large non-traditionalUSA10624610624RBrazosport Coll Dist7035USANEWSPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648888?CMP=OTC-RSSPUB&HQS=spcredspcred/648888normThe latest Summary from S&Ppubfin5/16/2008 9:01:05 PM175Summary648888United StatesUnited StatesPublic FinanceSummaryThe 'AA' Standard&Poor's underlying rating (SPUR) on Youngstown City School District, Ohio's general obligation bonds reflects the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. The program is structured to provide school bonds with added security from a state aid withholding mechanism that has strong statutory provisions. Upon state approval, the agreement between the state and local school district for participation in the program is irrevocable as long as any program debt is outstanding. Standard&Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. EachUSA987660Youngstown City Sch Dist27656USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648889?CMP=OTC-RSSPUB&HQS=spcredspcred/648889normThe latest Summary from S&Ppubfin5/16/2008 9:01:05 PM175Summary648889United StatesUnited StatesPublic FinanceSummaryThe 'AA+' rating on Jasper County School District No. R-II (Sarcoxie), Mo.'s series 1998 and 2003 general obligation (GO) school building bonds reflects the school district's eligibility for and participation in the Missouri Direct Deposit of State Aid Program, in which the state makes direct deposits of portions of monthly state aid payments to a bond trustee. The program, which enhances local school district GO bonds, provides for a first-dollar claim on monthly state aid, which will be directly deposited to a master bond trustee. State aid covers maximum annual program debt service at least 1.5x. The district has entered into an irrevocable direct deposit agreement with the state treasurer, department of elementary and secondary education, health and educational facilitiesUSA471468Jasper Cnty Sch Dist #R-II Sarcoxie324378USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648873?CMP=OTC-RSSPUB&HQS=spcredspcred/648873normThe latest Summary from S&Ppubfin5/16/2008 9:01:04 PM175Summary648873United StatesUnited StatesPublic FinanceSummaryThe 'A' rating on Will County School District No. 81 (Union), Ill.'s series 2008A general obligation (GO) alternate revenue source school bonds and series 2008B GO alternate revenue source capital appreciation school bonds reflects the district's: Participation in the Chicago metropolitan area's deep and diverse economy along with immediate access to the city of Joliet's large local job base, Strong income levels, Growing tax base due mostly to industrial development, and Moderate overall debt burden. The district's small amount of reserves on a cash basis of accounting, although good as a percent of expenditures, is a limiting rating factor. The district's pledge of taxes, grants, state aid, interest earnings, and other revenues received and available to be used for theUSAWill Cnty Sch Dist #81 Union412706USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648874?CMP=OTC-RSSPUB&HQS=spcredspcred/648874normThe latest Full Report from S&Ppubfinglobal5/16/2008 9:01:04 PM400Full Report648874United StatesUnited StatesPublic FinanceFinancial InstitutionsGlobal IssuersFull ReportStandard&Poor's Ratings Services assigned its 'A-' rating, and stable outlook, to Rhode Island Economic Development Corp.'s (EDC) series 2008A and 2008B airport revenue bonds, issued on behalf of the Rhode Island Airport Corp. (RIAC). At the same time, Standard&Poor's affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on the EDC's outstanding airport revenue bonds, also issued on behalf of RIAC. The rating reflects the credit profile of Rhode Island's T.F. Green International Airport, a medium-hub airport that provides low-cost carrier service to a stable service area. More specifically, the rating reflects the following credit strengths: There is a diverse carrier mix, with no airline enplaning more than half of total passengers and the threeUSA76223776223876223376223676223PRhode Island Econ Dev Corp305640USAFULLUSARhode Island Airport Corporation Intermodal Facility400588USAGLOBISSPUBFINFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648875?CMP=OTC-RSSPUB&HQS=spcredspcred/648875normThe latest Full Report from S&Ppubfinglobal5/16/2008 9:01:04 PM400Full Report648875United StatesUnited StatesPublic FinanceCorporationsFinancial InstitutionsGlobal IssuersFull ReportStandard&Poor's Ratings Services assigned its 'BBB+' rating, and stable outlook, to the Port of New Orleans Board of Commissioners' series 2008 port facility refunding revenue bonds. At the same time, Standard&Poor's affirmed its 'BBB+' underlying rating (SPUR), and stable outlook, on the port's outstanding revenue bonds. The rating reflects the port's position as the largest breakbulk port in the nation, with strong intermodal access. The rating also reflects the significant operational and financial challenges that the port faces in the aftermath of Hurricane Katrina. More specifically, the 'BBB+' rating reflects the following credit strengths: The port's position as the largest breakbulk port in the nation creates a niche market for the port, giving it the flexibilityUSA734782734786734784Port of New Orleans Brd of Commissioners16228USAFULLGLOBISSPUBFINFICORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648876?CMP=OTC-RSSPUB&HQS=spcredspcred/648876normThe latest News from S&Ppubfinglobal5/16/2008 9:01:04 PM100News648876United StatesUnited StatesPublic FinanceUtilitiesGlobal IssuersNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services raised its rating on Mississippi Development Bank's general obligation (GO) public improvement bonds, issued for Tunica County, Miss., two notches, to 'A-' from 'BBB'. The upgrade reflects the county's improved financial position, as evidenced by its good unreserved fund balance of 8% of expenditures for fiscal 2006, its historically sustainable gaming revenue stream, and management's projections to increase reserves through fiscal 2008. The rating also reflects the county's tax-intercept agreement with the state, which provides additional security by withholding the county's state-collected tax money one month in advance of the debt service payment dates, should any deficiency exist in the debt service repayment account; heavy reliance on theUSA899746Tunica Cnty360369USANEWSUSA60534360534P60534QMississippi Dev Bank19874USAGLOBISSPUBFINUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648877?CMP=OTC-RSSPUB&HQS=spcredspcred/648877normThe latest Summary from S&Ppubfinglobal5/16/2008 9:01:04 PM175Summary648877United StatesUnited StatesPublic FinanceUtilitiesGlobal IssuersSummaryStandard&Poor's Ratings Services raised its rating on Mississippi Development Bank's general obligation (GO) public improvement bonds, issued for Tunica County, Miss., two notches, to 'A-' from 'BBB'. The upgrade reflects the county's improved financial position, as evidenced by its good unreserved fund balance of 8% of expenditures for fiscal 2006, its historically sustainable gaming revenue stream, and management's projections to increase reserves through fiscal 2008. The rating also reflects the county's: Tax-intercept agreement with the state, which provides additional security by withholding the county's state-collected tax money one month in advance of the debt service payment dates, should any deficiency exist in the debt service repayment account; Heavy reliance on the gaming industry, with gaming revenues accounting forUSA899746Tunica Cnty360369USASUMMARYUSA60534360534P60534QMississippi Dev Bank19874USAGLOBISSPUBFINUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648878?CMP=OTC-RSSPUB&HQS=spcredspcred/648878normThe latest Full Report from S&Ppubfinglobal5/16/2008 9:01:04 PM400Full Report648878United StatesUnited StatesPublic FinanceFinancial InstitutionsGlobal IssuersFull ReportThe 'AA+' rating on Chicago Transit Authority's (CTA) series 2008A and 2008B sales and transfer tax revenue bonds reflects : A large population of 5.3 million in Chicago and suburban Cook County, representing 41% of the state of Illinois' total population, which generates most of the CTA's sales tax revenues; additional pledged sales taxes are generated by the 3.0 million people living in DuPage, Kane, Lake, McHenry, and Will counties; Strong and diverse Chicago metropolitan area service area economy; Strong, steady growth of pledged sales tax revenues; Strong legal provisions that include a historical 2.0x maximum annual debt service (MADS) additional bonds test; and Projected strong debt service coverage of MADS from sales taxes alone; other pledged revenues, which includeUSA167718167723167664Chicago Transit Auth13428USAFULLGLOBISSPUBFINFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648879?CMP=OTC-RSSPUB&HQS=spcredspcred/648879normThe latest Summary from S&Ppubfinglobal5/16/2008 9:01:04 PM175Summary648879United StatesUnited StatesPublic FinanceFinancial InstitutionsGlobal IssuersSummaryThe 'AA+' rating on Chicago Transit Authority's (CTA) series 2008A and 2008B sales and transfer tax revenue bonds reflects: A large population of 5.3 million in Chicago and suburban Cook County, representing 41% of the state of Illinois' total population, which generates most of the CTA's sales tax revenues; additional pledged sales taxes are generated by the 3.0 million people living in DuPage, Kane, Lake, McHenry, and Will counties; Strong and diverse Chicago metropolitan area service area economy; Strong, steady growth of pledged sales tax revenues; Strong legal provisions that include a historical 2.0x maximum annual debt service (MADS) additional bonds test; and Projected strong debt service coverage of MADS from sales taxes alone; other pledged revenues, which include aUSA167718167723167664Chicago Transit Auth13428USASUMMARYGLOBISSPUBFINFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648880?CMP=OTC-RSSPUB&HQS=spcredspcred/648880normThe latest Commentary from S&Pstructuredglobal5/16/2008 9:01:04 PM500Commentary648880Structured FinanceAsset-Backed SecuritiesInsuranceCollateralized Debt ObligationsServicer EvaluationsCorporationsFinancial InstitutionsSovereignsReal Estate CompaniesUtilitiesAsset-Backed Commercial PaperCommercial MBSResidential MBSGlobal IssuersCommentaryClick on this link to see a list of major articles published by Standard&Poor's on structured investment vehicles and the credit markets. WHERE THE CREDIT MARKETS AND U. S. ECONOMY MAY BE HEADING IN 2008, by John Chambers, CFA, Jayan U. Dhru, Thomas G. Gillis, Steven J. Murphy, Todd Whitestone, Nicholas D. Riccio, and David Wyss, New York There are plenty of reasons to expect tough going in the global credit markets in 2008. The liquidity squeeze may not be over yet, and the possibility (though not probability) of a U.S. recession looms. How bad will credit market conditions get? When can we expect a recovery? Will government intervention help? Will structured finance bounce back? The answers varyCOMMENTSGLOBISSSTRUCFIINSSOVCORPUTILSEABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648881?CMP=OTC-RSSPUB&HQS=spcredspcred/648881normThe latest Commentary from S&Pstructuredglobal5/16/2008 9:01:04 PM500Commentary648881Structured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsServicer EvaluationsFinancial InstitutionsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSGlobal IssuersCommentaryThis page contains links to the major articles Standard&Poor's Ratings Services has published on the changing conditions in the U.S. mortgage market and the impact on residential mortgage-backed securities, especially those backed by subprime collateral. It also lists articles about related sectors such as financial institutions and bond insurance. The articles are presented by month in reverse chronological order. Within each monthly group, commentaries and rating actions/reviews on rating impact are listed separately. Click on this link to see the latest updates on Standard&Poor's rating transitions for structured finance securities. Click on this link to see the latest update on the rating actions that Standard&Poor?s has taken on its rated U.S. collateralized debt obligationCOMMENTSGLOBISSSTRUCCDORECABCPCMBSRMBSFISEABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648882?CMP=OTC-RSSPUB&HQS=spcredspcred/648882normThe latest Summary from S&Ppubfin5/16/2008 9:01:04 PM175Summary648882United StatesUnited StatesPublic FinanceSummaryThe 'AA' rating on Lynchburg Clay Local School District, Ohio's general obligation bonds reflects the district's eligibility for, and participation in, the Ohio Credit Enhancement Program. The program is structured to provide school bonds with added security from a state aid withholding mechanism that has strong statutory provisions. Upon state approval, the agreement between the state and local school district for participation in the program is irrevocable as long as any program debt is outstanding. Standard&Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzedUSA551171Lynchburg Clay Local Sch Dist323921USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648834?CMP=OTC-RSSPUB&HQS=spcredspcred/648834normThe latest News from S&Pglobalpubfin5/16/2008 6:37:05 PM100News648834United StatesUnited StatesGlobal IssuersPublic FinanceFinancial InstitutionsNewsCHICAGO (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services has assigned its 'AA+' standard long-term rating to Chicago Transit Authority's (CTA) $1.9 billion series 2008A and 2008B sales and transfer tax revenue bonds. The outlook is positive. The rating reflects a large, 5.3 million population in Chicago and suburban Cook County, representing 41% of the state of Illinois' total population, which generates most of the CTA's sales tax revenues. Additional pledged sales taxes are generated by the 3.0 million people living in DuPage, Kane, Lake, McHenry, and Will counties. The rating also reflects the strong and diverse Chicago metropolitan area service area economy; strong, steady growth of pledged sales tax revenues; strong legal provisions that include a historicalUSA167718167723167664Chicago Transit Auth13428USANEWSGLOBISSPUBFINFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648835?CMP=OTC-RSSPUB&HQS=spcredspcred/648835normThe latest Commentary from S&Pglobalstructuredpubfin5/16/2008 6:37:05 PM500Commentary648835Global IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceSovereignsCorporationsInternational Public FinanceUtilitiesServicer EvaluationsAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSCommentaryThis week's data were sharply mixed. Early in the week, the reports were better than expected, allowing hope that the economy could escape recession. However, the manufacturing data released later in the week were almost as uniformly downbeat. Economic releases this week included: Retail sales fell 0.2% in April, but were up 0.4% excluding motor vehicles. April consumer prices rose only 0.2% (0.1% excluding food and energy). Real earnings fell 0.5% in April, mostly because of lower weekly hours. April housing starts unexpectedly rose 8.2% to 1.032 million. Consumer sentiment fell to 59.5, its lowest level since 1980. Industrial production dropped 0.7% in April, with manufacturing falling 0.8%. The manufacturing surveys from the Philadelphia and New York Federal Reserve banksCOMMENTSECONGLOBISSSTRUCPUBFINFIINSSOVCORPGOVSUTILSEABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648836?CMP=OTC-RSSPUB&HQS=spcredspcred/648836normThe latest Full Report from S&Pstructured5/16/2008 6:37:05 PM400Full Report648836United StatesUnited StatesStructured FinanceAsset-Backed SecuritiesAsset-Backed Commercial PaperFull ReportThere have been no significant amendments to Atlantic Asset Securitization LLC's (Atlantic) CP program during the last reported period. As of January 2008, CP outstanding was $11,474,300,000.00. In addition, four new sellers were added and seven were removed. The portfolio consists mainly of: Auto receivables: 42.86%; Trade receivables: 22.80%; Commercial - other: 17.60%; Other: 7.88%; and Mortgage loans: 5.88%. Monthly performance data articles for this ABCP program are available on RatingsDirect at www.ratingsdirect.com. Enter the issuer name as the keyword and "ratings" as the search type. Click on the issuer name under the search results and then go to the Related Research tab. The rating assigned to Atlantic's CP notes is based on: The committed pool-specific liquidity facilities from liquidityUSA04821T04821U04821WAtlantic Asset Securitization LLC127235USA5798ZFULLSTRUCABSABCPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648837?CMP=OTC-RSSPUB&HQS=spcredspcred/648837normThe latest Summary from S&Pglobalpubfin5/16/2008 6:37:05 PM175Summary648837United StatesUnited StatesGlobal IssuersPublic FinanceFinancial InstitutionsSummaryStandard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Atlanta Urban Residential Finance Authority's multifamily housing revenue bonds (Capitol Gateway Apartments Phase 1) series 2005 due to the bank facility being extended to Sept. 15, 2008. The long-term and short-term components of the rating are based on Bank of America N.A.USA04785204785504785E04785404785604785T04785R04785VAtlanta Urban Residential Fin Auth9494USASUMMARYGLOBISSPUBFINFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648838?CMP=OTC-RSSPUB&HQS=spcredspcred/648838normThe latest Summary from S&Pglobalpubfin5/16/2008 6:37:05 PM175Summary648838United StatesUnited StatesGlobal IssuersPublic FinanceFinancial InstitutionsInsuranceSummaryStandard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to Washington Health Care Facilities Authority's $100 million series 2008A and 2008B hospital revenue bonds, issued on behalf of the MultiCare Health System. The 'AAA' long-term rating is based on a bond insurance policy provided by Assured Guaranty. ('AAA'). The 'A-1+' short-term rating was based on standby bond purchase agreements (SBPAs) provided by Wells Fargo Bank ('AAA/A-1+'). The SBPA is a revocable instrument that may terminate automatically upon certain events of default. Standard&Poor's reviewed these events and determined that they are either remote events or factored in as part of the credit rating. However, if such an event did occur there could be insufficient funds to pay for aUSAMultiCare Hlth Sys377400USASUMMARYUSA93978EWashington Hlth Care Fac Auth406644USAGLOBISSPUBFINFIINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648839?CMP=OTC-RSSPUB&HQS=spcredspcred/648839normThe latest Commentary from S&Pglobalstructuredpubfin5/16/2008 6:37:05 PM500Commentary648839Global IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceSovereignsCorporationsInternational Public FinanceUtilitiesServicer EvaluationsAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSCommentaryStandard&Poor's Ratings Services has updated its list of telephone conference calls, seminar events, and outside speaking engagements of its analysts over the next several months. For information about these events, please contact the person listed for each event. Conference call audio replays are available via telephone for seven days following the conclusion of a call, and audio replays via RealAudio™ streaming media are available on Standard&Poor's Web site for 30 days after the call. For information on outside speaking engagements, please contact conference organizers for each event. (Editor's note: This article has been updated to include three seminars on May 28, May 29, and June 11, 2008.) The following teleconference is scheduled: These conference calls willCOMMENTSGLOBISSSTRUCPUBFINFIINSSOVCORPGOVSUTILSEABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648840?CMP=OTC-RSSPUB&HQS=spcredspcred/648840normThe latest Summary from S&Ppubfin5/16/2008 6:37:05 PM175Summary648840United StatesUnited StatesPublic FinanceSummaryStandard&Poor's Ratings Services raised its underlying rating (SPUR) on Marble Falls, Texas' utility system revenue debt to 'A' from 'BBB', reflecting improved liquidity and debt service coverage (DSC). The SPUR continues to reflect the city's: Location in Texas' Highland Lakes tourist area and its role as Burnet County's retail center; and Adequate maximum annual debt service coverage given annual sales tax transfers, coupled with sound liquidity. Offsetting factors include: The potential for additional rate increases to accommodate additional capital needs given the water treatment and wastewater treatment facilities' current capacity and projected usage, and The city's below-average wealth and income levels. System net revenues secure the bonds. Marble Falls, with a population of about 7,500, is about 50USA566039566054566022Marble Falls24123USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648841?CMP=OTC-RSSPUB&HQS=spcredspcred/648841normThe latest Summary from S&Ppubfin5/16/2008 6:37:05 PM175Summary648841United StatesUnited StatesPublic FinanceSummaryThe 'AA' rating on Monroe Central School Building Corp., Ind.'s series 2008 first mortgage bonds, issued for Monroe Central School Corp., reflects the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept Program. The credit characteristics of the program are supported by the strength and availability of state aid to the intercept program participants. Standard&Poor's rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed according to the program type and the rating is based on the characteristics of the particular program and funding mechanisms.USA610900610897Monroe Cent Sch Corp10822USASUMMARYUSA610899Monroe Cent Sch Bldg Corp331609USAPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648842?CMP=OTC-RSSPUB&HQS=spcredspcred/648842normThe latest News from S&Pglobalstructured5/16/2008 6:37:05 PM100News648842United StatesHomebuildingUnited StatesGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services today lowered its corporate credit and senior unsecured debt ratings on Standard Pacific Corp. to 'B-' from 'B+'. At the same time, we lowered the subordinated debt rating to 'CCC' from 'B-' and placed all ratings on the company on CreditWatch with negative implications. These actions affect approximately $1.3 billion of unsecured notes. "The downgrades acknowledge losses from homebuilding operations, large impairment charges that continue to erode shareholder equity and drive up leverage ratios, and constrained borrowing capacity," said Standard&Poor's credit analyst James Fielding. "The CreditWatch placements further reflect financial covenant issues that are still unresolved, as well as uncertainty regarding Standard Pacific's financial strategy andUSA85376385375C25201030 252010 2520 25Standard Pacific Corp.102209USASPFNEWSGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648843?CMP=OTC-RSSPUB&HQS=spcredspcred/648843normThe latest Research Update from S&Pglobalstructured5/16/2008 6:37:05 PM175Research Update648843United StatesHomebuildingUnited StatesGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesHomebuildersResearch UpdateOn May 16, 2008, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Standard Pacific Corp. to 'B-' from 'B+'. At the same time, we lowered the subordinated debt rating to 'CCC' from 'B-' and placed all ratings on the company on CreditWatch with negative implications. These actions affect approximately $1.3 billion of unsecured notes (see list). The downgrades acknowledge losses from homebuilding operations, large impairment charges that continue to erode shareholder equity and drive up leverage ratios, and constrained borrowing capacity. The CreditWatch placements further reflect financial covenant issues that are still unresolved, as well as uncertainty regarding Standard Pacific's financial strategy and the future direction of this undercapitalized company. Although Standard PacificUSA85376385375C25201030 252010 2520 25Standard Pacific Corp.102209USASPFRESUPDGLOBISSSTRUCCORPRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648844?CMP=OTC-RSSPUB&HQS=spcredspcred/648844normThe latest Research Update from S&Pglobal5/16/2008 6:37:05 PM175Research Update648844United StatesCasinos & GamingUnited StatesGlobal IssuersFinancial InstitutionsCorporationsHotel & GamingMedia & EntertainmentResearch UpdateOn May 15, 2008, Standard&Poor's Ratings Services lowered its ratings on Detroit, Mich.-based Greektown Holdings LLC. We lowered the corporate credit rating to 'CCC+' from 'B-'. The ratings remain on CreditWatch with negative implications, where they were placed March 6, 2008. At the same time, Standard&Poor's assigned a recovery rating to Greektown's $185 million 10.75% senior notes due 2013, while leaving the issue-level rating on the notes unchanged at 'CCC' (one notch below the 'CCC+' corporate credit rating on the company). We assigned a recovery rating of '5' to this issue, indicating that lenders can expect modest (10% to 30%) recovery in the event of a payment default. We lowered the issue-level rating on Greektown's seniorUSA39248425301010 253010 2530 25Greektown Holdings LLC394922USARESUPDUSA25301010 253010 2530 25Greektown Casino LLC334412USAGLOBISSFICORPHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648845?CMP=OTC-RSSPUB&HQS=spcredspcred/648845normThe latest Full Report from S&Pglobal5/16/2008 6:37:05 PM400Full Report648845United StatesPackaged Foods & MeatsUnited StatesGlobal IssuersFinancial InstitutionsCorporationsConsumer ProductsFull ReportThe strength of the Ocean Spray brand; Renewed focus on product innovation; Improved distribution in the U.S. and internationally; The cooperative's moderate financial policies; and The subordination of members' payments to debt service. The cooperative structure limits Ocean Spray's ability to raise common equity; The cooperative's narrow business focus in the highly competitive beverage industry; and The inherent variability and cyclical nature of its primary agribusiness ingredient, cranberries. The ratings reflect Lakeville, Mass.-based Ocean Spray Cranberries Inc.'s solid market positions and strong debt protection measures. These factors are offset by the company's fairly narrow business focus and the highly competitive market conditions of the beverage industry. Ocean Spray is a private marketing cooperative owned by cranberry and citrus growers inUSA67502A67502B67502230202030 302020 3020 30Ocean Spray Cranberries Inc.101733USAOCESOFULLGLOBISSFICORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648846?CMP=OTC-RSSPUB&HQS=spcredspcred/648846normThe latest Summary from S&Pglobal5/16/2008 6:37:05 PM175Summary648846United StatesPackaged Foods & MeatsUnited StatesGlobal IssuersFinancial InstitutionsCorporationsConsumer ProductsSummaryThe ratings reflect Lakeville, Mass.-based Ocean Spray Cranberries Inc.'s solid market positions and strong debt protection measures. These factors are offset by the company's fairly narrow business focus and the highly competitive market conditions of the beverage industry. Ocean Spray is a private marketing cooperative owned by cranberry and citrus growers in the U.S. and Canada. The company supplies blended juices and fresh cranberries and grapefruit. Ocean Spray handles more than 60% of the North American cranberry crop and has a position in the Florida grapefruit industry. Management has focused on introducing and marketing new products, improving its retail distribution operations by entering into agreements with other beverage companies to reenter the important single-serve market both locally and internationally. InUSA67502A67502B67502230202030 302020 3020 30Ocean Spray Cranberries Inc.101733USAOCESOSUMMARYGLOBISSFICORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648847?CMP=OTC-RSSPUB&HQS=spcredspcred/648847normThe latest News from S&Ppubfin5/16/2008 6:37:05 PM100News648847United StatesUnited StatesPublic FinanceNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said that it raised its underlying rating (SPUR) on Jennings County Building Corp., Ind.'s existing debt, issued for Jennings County, to 'A+' from 'BBB+'. The outlook is stable. "The upgrade reflects the county's stabilized financial position and very strong overall cash reserves," said Standard&Poor's credit analyst Daniel Zuccarello. At the same time, Standard&Poor's assigned its 'A+' standard long-term rating, and stable outlook, to the building corporation's first mortgage refunding bonds, series 2008, issued for the county. The rating is further supported by the county's diversifying local economy, good income levels, and very low overall debt burden, with rapid amortization. The bonds are secured byUSAJennings Cnty308308USANEWSUSA47615MJennings Cnty Bldg Corp329945USAPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648848?CMP=OTC-RSSPUB&HQS=spcredspcred/648848normThe latest Full Report from S&Pglobal5/16/2008 6:37:05 PM400Full Report648848United StatesProperty & Casualty InsuranceUnited StatesGlobal IssuersInsuranceFull ReportStrong competitive position as a specialty insurer, primarily in the marine niche market. Very strong capitalization supported by strong operating results despite softening insurance pricing. Strong financial flexibility with low debt leverage and strong interest coverage. A business model highly dependent on reinsurance. Historical aggressive organic-growth strategy into new products and geographies. Untested diversification strategy in a difficult cycle. The counterparty credit rating on Navigators Group Inc. (NASDAQ:NAVG) and the insurer financial strength ratings on its core operating subsidiaries, Navigators Insurance Co. and Navigators Specialty Insurance Co., reflect the group's strong competitive position in the marine insurance market, very strong capitalization, strong operating performance and financial flexibility, and the contributions of its subsidiary, Lloyd's Syndicate 1221 (collectively referred to asUSA40301040 403010 4030 40Navigators Insurance Co.125241USANAVGFULLUSA63890465365#40301040 403010 4030 40Navigators Specialty Insurance CoNavigators Group Inc.125275344795USANAVGNAVGGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648849?CMP=OTC-RSSPUB&HQS=spcredspcred/648849normThe latest Summary from S&Pglobal5/16/2008 6:37:05 PM175Summary648849United StatesElectronic Equipment ManufacturersUnited StatesGlobal IssuersCorporationsCapital GoodsSummaryThe ratings on Liberty Lake, Wash.–based Itron Inc. reflect the company's highly leveraged financial risk profile, marked by high debt balances and below-average credit measures. This is partly offset by an improved, yet still weak, business risk profile following Itron's April 2007 acquisition of Actaris Metering Systems SA. Itron is a leading global provider of technology for utility meter data creation, collection, delivery, and management for private- and public-sector utilities. The company is the largest supplier in the U.S., with an estimated 35%-40% share of the installed base of roughly 150 million units. Of the electronic (as opposed to the more basic electromechanical) meters in this market, Itron's solid-state meters represent 80%-90%. The company is a global leader in supplyingUSA46574145203010 452030 4520 45Itron Inc.374381USAITRISUMMARYGLOBISSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648850?CMP=OTC-RSSPUB&HQS=spcredspcred/648850normThe latest News from S&Pglobal5/16/2008 6:37:05 PM100News648850United StatesCasinos & GamingUnited StatesGlobal IssuersCorporationsHotel & GamingMedia & EntertainmentNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services today revised its outlook on Jacobs Entertainment Inc. to negative from stable. Ratings on the company, including the 'B' corporate credit rating, were affirmed. "The outlook revision reflects weak operating results in the first quarter and an expectation that negative trends will continue in the near term, leading to an increase in leverage and credit measures that are no longer in line with the current rating," explained Standard&Poor's credit analyst Ariel Silverberg. "Given the company's EBITDA concentration in its Colorado properties and recent market trends (the Black Hawk/Central City market was down 9.5% in the first quarter of 2008), we expect EBITDA to continue to declineUSA46981546981G25301010 253010 2530 25Jacobs Entertainment Inc.359495USA68547ZNEWSGLOBISSCORPHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648851?CMP=OTC-RSSPUB&HQS=spcredspcred/648851normThe latest Research Update from S&Pglobal5/16/2008 6:37:05 PM175Research Update648851United StatesCasinos & GamingUnited StatesGlobal IssuersCorporationsHotel & GamingMedia & EntertainmentResearch UpdateOn May 16, 2008, Standard&Poor's Ratings Services revised its outlook on Jacobs Entertainment Inc. to negative from stable. Ratings on the company, including the 'B' corporate credit rating, were affirmed. The outlook revision reflects weak operating results in the first quarter and an expectation that negative trends will continue in the near term, leading to an increase in leverage and credit measures that are no longer in line with the current rating. Given the company's EBITDA concentration in its Colorado properties and recent market trends (the Black Hawk/Central City market was down 9.5% in the first quarter of 2008), we expect EBITDA to continue to decline at a rate at least in the low- to mid-single digits, resultingUSA46981546981G25301010 253010 2530 25Jacobs Entertainment Inc.359495USA68547ZRESUPDGLOBISSCORPHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648852?CMP=OTC-RSSPUB&HQS=spcredspcred/648852normThe latest Commentary from S&Pglobal5/16/2008 6:37:05 PM500Commentary648852Global IssuersCorporationsCommentaryEarlier this spring, Standard&Poor's Ratings Services rolled out recovery ratings for speculative-grade unsecured corporate issues as a possible indication of what creditors might expect in the event of a payment default (see table 1). And, to better understand why oil and gas companies default, we recently reviewed our rated exploration and production (E&P) companies that filed for bankruptcy since 1995. A few patterns emerged. We learned that what matters when it comes to default are hydrocarbon prices, the company's size, and its all-in cost structure. In conjunction with our review of bankruptcies and the rollout of recovery ratings to unsecured debt, we have modified our recovery rating methodology to better reflect potential paths to default for oil andCOMMENTSGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648853?CMP=OTC-RSSPUB&HQS=spcredspcred/648853normThe latest News from S&Pglobalstructured5/16/2008 6:37:05 PM100News648853United StatesHotels, Resorts & Cruise LinesEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSHotel & GamingNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services today assigned its 'BBB-' rating to Starwood Hotels&Resorts Worldwide Inc.'s proposed $400 million senior notes due 2018 and to the $200 million add-on to its senior notes due 2013. The proceeds will be used to reduce outstanding borrowings under Starwood's revolving credit facilities. All other ratings for the company, including the 'BBB-' corporate credit rating, were affirmed. The rating outlook is stable. "The rating on White Plains, N.Y.-based Starwood reflects the company's large, high-quality, and geographically diversified hotel portfolio with many well-established brand names," said Standard&Poor's credit analyst Emile Courtney. We expect that Starwood will pursue an operating strategy and financial policy of balancingUSA85568#85590A25301020 253010 2530 25Starwood Hotels&Resorts Worldwide Inc.328369EMERGINGLATAMERICAUSAHOTNEWSGLOBISSSTRUCCORPABSCMBSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648854?CMP=OTC-RSSPUB&HQS=spcredspcred/648854normThe latest Research Update from S&Pglobalstructured5/16/2008 6:37:05 PM175Research Update648854United StatesHotels, Resorts & Cruise LinesEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSHotel & GamingResearch UpdateOn May 16, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' rating to Starwood Hotels&Resorts Worldwide Inc.'s proposed $400 million senior notes due 2018 and to the $200 million add-on to its senior notes due 2013. The proceeds will be used to reduce outstanding borrowings under Starwood's revolving credit facilities. All other ratings for the company, including the 'BBB-' corporate credit rating, were affirmed. The rating outlook is stable. The rating on White Plains, N.Y.-based Starwood reflects the company's large, high-quality, and geographically diversified hotel portfolio with many well-established brand names. We expect that Starwood will pursue an operating strategy and financial policy of balancing share repurchases, dividends, and growth investments to maintain an investment-grade financial profileUSA85568#85590A25301020 253010 2530 25Starwood Hotels&Resorts Worldwide Inc.328369EMERGINGLATAMERICAUSAHOTRESUPDGLOBISSSTRUCCORPABSCMBSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648855?CMP=OTC-RSSPUB&HQS=spcredspcred/648855normThe latest News from S&Pglobalstructuredpubfin5/16/2008 6:37:05 PM100News648855United StatesMulti-line InsuranceAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said today that it assigned its 'A' junior subordinated debt ratings to American International Group Inc.'s (NYSE:AIG) €750 million of Series A-7 and £900 million Series A-8 junior subordinated debentures. Standard&Poor's also said that it placed these ratings on CreditWatch with negative implications because all other AIG ratings are on CreditWatch. We placed our ratings on AIG on CreditWatch negative on May 8 following the company's announcement of a $7.8 billion net loss, pending the successful completion of the company's capital-raising plan. "The junior subordinated notes, combined with the previously offered common equity and equity units, would bring the total capital raised to about $20 billion,USA02687Q026874001383866930U0087440301030 403010 4030 40American International Group Inc.100094ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSAAIGNEWSGLOBISSSTRUCPUBFINFIINSABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648856?CMP=OTC-RSSPUB&HQS=spcredspcred/648856normThe latest Research Update from S&Pglobalstructuredpubfin5/16/2008 6:37:05 PM175Research Update648856United StatesMulti-line InsuranceAsiaCanadaEmerging MarketsEurope, Middle East, AfricaLatin AmericaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSResearch UpdateOn May 16, 2008, Standard&Poor's Ratings Services assigned its 'A' junior subordinated debt ratings to American International Group Inc.'s (NYSE:AIG) €750 million of Series A-7 and £900 million Series A-8 junior subordinated debentures. At the same time, Standard&Poor's placed these ratings on CreditWatch with negative implications because all other AIG ratings are on CreditWatch. The 'A' rating is two notches below the 'AA-' counterparty credit rating on AIG, which reflects the subordinated nature of the securities and the risk of deferral of interest payments. The securities qualify for intermediate-high equity content under Standard&Poor's criteria for hybrid securities. We placed our ratings on AIG on CreditWatch negative on May 8 following the company's announcement ofUSA02687Q026874001383866930U0087440301030 403010 4030 40American International Group Inc.100094ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSAAIGRESUPDGLOBISSSTRUCPUBFINFIINSABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648857?CMP=OTC-RSSPUB&HQS=spcredspcred/648857normThe latest News from S&Pglobal5/16/2008 6:37:05 PM100News648857United StatesReal Estate Management & DevelopmentUnited StatesGlobal IssuersCorporationsNewsOn May 16, 2008, Standard&Poor's Ratings Services said its rating and outlook for Realogy Corp. (B/Negative/--) would not be immediately affected by the expectation that the company's senior secured credit facility leverage covenant cushion would narrow further in the June 2008 quarter. This is because we believe that Realogy will produce positive cash flow generation the second half of 2008 and significantly reduce its revolver borrowings during the period, thereby likely avoiding violating the covenant for the remainder of the year. The most important current component of Realogy's liquidity profile continues to be its $750 million senior secured revolver. On May 12, 2008, borrowings under the revolver were $340 million, mostly due to its usage for payment ofUSA75605E75605N40403010 404030 4040 40Realogy Corp.398291USAHNEWSGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648858?CMP=OTC-RSSPUB&HQS=spcredspcred/648858normThe latest Full Report from S&Ppubfin5/16/2008 6:37:05 PM400Full Report648858United StatesUnited StatesPublic FinanceFull ReportStandard&Poor's Ratings Services revised the outlook on the general obligation (GO) bonds of East Providence, R.I., to negative from stable. Standard&Poor's also affirmed the 'A-' underlying rating (SPUR) on this debt. The outlook revision was based on potential pressures on the city's general fund balance resulting from the projected fiscal 2008 financial results of the school fund. In addition, Standard&Poor's assigned its 'SP-1+' rating to the city's GO revenue anticipation notes (RANs) and its 'SP-1+' rating to the city's GO bond anticipation notes (BANs). The rating on the RANs reflects the city's GO pledge and the sound 2.0x debt service coverage projected at note maturity provided by the sewer fund cash balance. The SPURUSA274605East Providence21407USAFULLPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648859?CMP=OTC-RSSPUB&HQS=spcredspcred/648859normThe latest Summary from S&Ppubfin5/16/2008 6:37:05 PM175Summary648859United StatesUnited StatesPublic FinanceSummaryStandard&Poor's Ratings Services revised the outlook on the general obligation (GO) bonds of East Providence, R.I., to negative from stable. Standard&Poor's also affirmed the 'A-' underlying rating (SPUR) on this debt. The outlook revision was based on potential pressures on the city's general fund balance resulting from the projected fiscal 2008 financial results of the school fund. In addition, Standard&Poor's assigned its 'SP-1+' rating to the city's GO revenue anticipation notes (RANs) and its 'SP-1+' rating to the city's GO bond anticipation notes (BANs). The rating on the RANs reflects the city's GO pledge and the sound 2.0x debt service coverage projected at note maturity provided by the sewer fund cash balance. The SPURUSA274605East Providence21407USASUMMARYPUBFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648860?CMP=OTC-RSSPUB&HQS=spcredspcred/648860normThe latest News from S&Pglobalstructured5/16/2008 6:37:05 PM100News648860United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersNewsNEW YORK (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services today lowered its corporate credit and senior unsecured debt ratings on Lennar Corp. to 'BB' from 'BB+'. The outlook remains negative. This downgrade affects approximately $2.2 billion of senior unsecured notes. "The downgrade reflects Lennar's very weak profitability so far in this housing downturn, along with our expectation that the company will face ongoing earnings pressure due to worsening operating conditions, particularly in its important California and Florida markets," said Standard&Poor's credit analyst James Fielding. "Lower home prices and a slower sales pace in many communities have contributed to very high impairments and other noncash charges, which have materially reduced shareholders' equity." While Lennar's debt-to-capital ratios