NEW YORK (Standard&Poor's) Feb. 27, 2009--Standard&Poor's Ratings Services has placed the ratings of certain municipal variable-rate demand bonds (VRDOs) that are insured by MBIA Insurance Corp. on CreditWatch with negative implications as a result of its rating actions on MBIA Insurance Corp.'s counterparty credit and financial strength ratings (Please see "MBIA Insurance Corp. Ratings Lowered To 'BBB+'; MBIA Insurance Corp. of Illinois Downgraded To 'AA-'" published on Feb. 18, 2009, on RatingsDirect.). Although all of MBIA Insurance Corp.'s policies insuring municipal entities were transferred to MBIA Insurance Corp. of Illinois, the terms of the related standby bond purchase agreements (SBPA) for these transactions retain termination events dependent on MBIA Insurance Corp. ('BBB+'), rather than MBIA Insurance
