The rating assigned to Rhode Island Health&Educational Building Corp.'s (the corporation's) educational facility revenue bonds series 2005A (for the Catholic School Pool Program issue) is based on the irrevocable, direct-pay letter of credit (LOC) that RBS Citizens N.A. (RBS Citizens) provides. Our rating applies to the bonds only when they are in the weekly, daily, or monthly interest-rate modes (see the Structural Overview section for more information). The long-term component of our rating on the series 2005A bonds is based on our long-term issuer credit rating on RBS Citizens ('A-') and reflects our opinion of the likelihood that the bonds' principal and interest will be paid according to the indenture's terms, based on the credit support that the
