Standard&Poor's Ratings Services assigned its 'AAA/A-1' and rating to Bear Stearns Municipal Securities certificates trust class A, issued under Trust Series 2007-338, relating to Leander Independent School District unlimited tax school building and refunding bonds series 2007. The long-term component of the class A certificates rating is based on the underlying bond. The short-term component is based on a liquidity facility provided by Bear Stearns Capital Markets Inc. (NR) with a guarantee provided by The Bear Stearns Cos. (A+/A-1) scheduled to expire on June 27, 2008. The trust reduction events for the class A certificates have been amended to account for the joint support rating of the underlying trust asset. The following events constitute tender option termination events:
