NEW YORK (Standard&Poor's) May 22, 2009--Standard&Poor's Ratings Services corrected its rating on Philadelphia, Pennsylvania's water and sewer revenue bonds, series 2001A due Nov. 1, 2031 to 'AA-/CreditWatch Developing' from 'A/Stable'. Based on information provided to us, we did not include this maturity in the rating action we took on Nov. 4, 2008 (see "Standard&Poor's Updates Databases With MBIA-FGIC Wrap Rating Actions," published Nov. 5, 2008) on series 2001A as a result of MBIA Insurance Corp. reinsuring certain obligations insured by Financial Guaranty Insurance Co.(NR), the initial insurer for the bonds. Subsequently on Feb. 18, 2009, business ceded to MBIA Insurance Corp. by Financial Guaranty Insurance Co. was assigned to National Public Finance Guarantee Corp.
