NEW YORK (Standard&Poor's) Oct. 11, 2004--Standard&Poor's Ratings Services lowered its rating on Louisiana Public Facilities Authority's $12.7 million equipment and capital facilities bonds to 'A-/A-2' from 'AAA/A-1+' because the confirming letter of credit provided by Federal Home Loan Bank of Dallas expired and will not be extended. The rating is now based solely on a letter of credit provided by Hibernia National Bank, New Orleans, La. ('A-/A-2'). The letter of credit provided by Hibernia provides coverage for all principal and interest bond payments, including the purchase price of tendered bonds. The letter of credit covers 45 days' interest at the maximum rate of 12%. The bonds will bear interest at a weekly rate only. They are
