NEW YORK (Standard&Poor's) Sept. 1, 2011--Standard&Poor's Ratings Services today lowered its rating on County of Cuyahoga, Ohio?s $22.86 million health care and independent living facilities variable-rate demand revenue bonds series 2007B (for the Eliza Jennings Senior Care Network project) due May 1, 2042, to 'A/A-1' from 'AA/A-1+'. Our rating on the series 2007B bonds reflects our opinion of the credit and liquidity support that Sovereign Bank provides for the bonds in the form of an irrevocable direct-pay letter of credit (LOC). The long-term component of our rating is based on our long-term issuer credit rating on Sovereign Bank ('A') and addresses full and timely payments of interest and principal when the bondholders have not exercised the
