Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to BB&T Municipal Trust's floater and residual certificates series 2048, respectively, relating to West Contra Costa Unified School District's (Contra Costa County, Calif.) general obligation capital appreciation bonds election of 2002 series D. The long-term component of the rating on the floater and residual certificates are based on the custodial receipt series 2008-7 (AAA). The rating on the custodial receipt is based jointly (assuming low correlation) on a letter of credit (LOC) provided by BB&T (A+/A-1) and the underlying bonds (A), which are held through a custodial arrangement by the custodian. The short-term component of the rating on the floater certificates is based on a liquidity facility, which is
