Standard&Poor's Ratings Services raised its rating on Cuyahoga County, Ohio's adjustable rate multifamily refunding revenue bonds series 1999A, issued on behalf of National Terminal Apartments Project, to 'AA-/A-1+' from 'A+/A-1' based on a substitute letter of credit (LOC) provided by JPMorgan Chase (AA-/A-1+). The JPMorgan Chase LOC provides coverage for payment of regularly scheduled principal and interest, as well as for unremarketed tendered bonds for an amount equal to 45 days at the 12% maximum rate. The anticipated expiration date of the LOC is Dec. 1, 2012, unless earlier terminated. Upon the expiration date, the rating will be withdrawn unless the LOC is extended pursuant to its terms or an alternative LOC is delivered. Previously, the bonds were
