NEW YORK (Standard&Poor's) May 6, 2011--Standard&Poor's Ratings Services today placed its 'AA/A-1+' rating on Maryland Economic Development Corp.'s $75 million adjustable-mode revenue refunding bonds series 2006A (for the Constellation Energy Group Inc. project) due April 1, 2014, on CreditWatch with positive implications. The long- and short- term components of our rating on the series 2006A bonds are based on our long- and short-term issuer credit ratings on, as well as the joint support provided by, the Royal Bank of Scotland PLC ('A+/A-1'), the letter of credit (LOC) provider, and Constellation Energy Group Inc. (BBB-/Watch Pos/A-3), the obligor, assuming a low correlation level between the LOC provider and obligor. The long-term component of our rating addresses full
