NEW YORK (Standard&Poor's) Aug. 4, 2010--Standard&Poor's Ratings Services today lowered its rating on Maryland Economic Development Corp.'s $75 million adjustable-mode revenue bonds series 2006A (for the Constellation Energy Group Inc. project) due April 1, 2024, to 'AA/A-1+' from 'AA+/A-1+'. The 'AA' long-term component of our rating on the bonds is based on the application of our joint and several criteria, which assumes low correlation between The Royal Bank of Scotland PLC (RBC; 'A+'), the bonds' letter of credit (LOC) provider, and Constellation Energy Group Inc. (CEG; 'BBB-'), the guarantor of the bonds' regularly scheduled interest and principal. The 'A-1+' short-term component of our rating on the bonds is based on our short-term issuer credit rating on
