CHICAGO (Standard&Poor's) Jan. 29, 2010--Standard&Poor's Ratings Services corrected and raised its rating on Wachovia MERLOTS' series 2007C51 certificates, relating to Tennessee Housing Development Agency's homeownership program bonds series 2007-2 (the underlying bonds), to 'AA+/A-1+' from 'AA/A-1+'. The long-term component of the rating is based on the rating of the underlying bonds, while the short-term component of the rating is based on the rating of The Bank of New York Mellon (AA/A-1+), which provides liquidity support. On May 8, 2009, Standard&Poor's raised its rating on the underlying bonds to 'AA+' from 'AA'. However, due to an administrative error, we did not contemporaneously raise the rating on the series 2007C51 certificates.
