Standard&Poor's Ratings Services has affirmed its long-term 'AAA/A-1' ratings on the District of Columbia's revenue bonds issued for American University's series 2006 bonds, reflecting the application of low-correlation joint criteria with a letter of credit (LOC) from JPMorgan Chase Bank N.A. (A+/A-1) and the 'A+' underlying rating (SPUR) on American University's debt. The 'A-1' short-term component of the rating reflects the JPMorgan Bank N.A. LOCs. The LOC covers the payment of regularly scheduled principal and interest on the bonds, and well as payments for redemption, acceleration and termination. The LOC also covers payments of optional and mandatory tenders in the event of a failed remarketing. The LOC expires on June 16, 2015, unless terminated earlier according to its
