NEW YORK (Standard&Poor's) Jan. 14, 2009--Standard&Poor's Ratings Services today raised its rating on Rhode Island Health&Educational Building Corp.'s $7.375 million educational institution revenue bonds (St. Andrews School project) series 1999 due Dec. 1, 2029, to 'AA+/A-1+' from 'A+/A-1'. The rating action reflects the substitution of an irrevocable letter of credit (LOC) provided by KBC Bank N.V. ('A+/A-1') with a substitute LOC provided by U.S. Bank N.A. ('AA+/A-1+'). The rating reflects our assessment of the likelihood of repayment of principal, interest, and purchase price based on the credit support that U.S. Bank provides. The LOC, which takes effect Jan. 14, 2009, provides coverage for all principal and interest on the bonds, which bear interest in
