NEW YORK (Standard&Poor's) Nov. 18, 2008--Standard&Poor's Ratings Services today lowered its rating on Rhode Island Health and Educational Building Corp.' s $8.75 million educational institution revenue bonds (Moses Brown School Issue ) series 2000 due March 1, 2030, to 'A+/A-1' from 'AA/A-1+'. The rating action reflects the addition of an irrevocable letter of credit (LOC) provided by RBS Citizens N.A. ('A+/A-1'). The rating action also reflects the cancellation of a bond insurance policy provided by MBIA Insurance Corp. (MBIA; 'AA' financial enhancement rating). The new LOC covers credit and liquidity payments and will replace the bond insurance policy provided by MBIA and the existing standby bond purchase agreement provided by Bank of America N.A. (AA/Watch Neg/A-1+).
