Standard&Poor's Ratings Services affirmed its 'A+/A-1' rating on the Cuyahoga County, Ohio's adjustable rate multifamily refunding revenue bonds series1999, issued on behalf of National Terminal Apartments Project, based on a substitution of the letter of credit (LOC) provided by Bank of America (A+/A-1). On Dec. 1, 2009, the LOC provided by Bank of America will be replaced with a LOC provided by Intesa Sanpaolo SPA (AA-/A-1+). On the effective date of the substitute LOC, the rating will be based on Intesa Sanpaolo SPA. The Intesa Sanpaolo SPA 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
