CHICAGO (Standard&Poor's) July 18, 2005--Standard&Poor's Ratings Services affirmed its ratings on 15 U.S. public finance bond issues listed below based on sufficient comfort concerning the grandfathering status of the letters of credit provided by German Landesbanks. With effect from July 19, 2005, the rules governing the state support of German Landesbanks will change: the statutory maintenance obligation of the relevant bank's guarantors (Anstaltslast) will fall away. The same will apply in general to the guarantors' statutory guarantee with respect to the bank's obligations (Gewaehrtraegerhaftung), except with respect to those obligations which have been agreed to by the bank prior to July 19, 2005, and, if agreed to after July 19, 2001, mature no later than Dec.
