Standard&Poor's Ratings Services lowered the short-term component of its rating on District of Columbia's multimodal general obligation bonds series 2001 B and C to 'A-1' from 'A-1+'. The downgrade is based on the substitution of the existing SBPA provided by FGIC Securities Purchase Inc. (guaranteed by GE Capital Corp. (AAA/A-1+)) with an alternate SBPA provided by Morgan Stanley Bank (A+/A-1). The long-term component of the rating remains based on bond insurance provided by FGIC (AAA). The Morgan Stanley Bank SBPA provides for principal of and interest on the bonds bearing interest only in the weekly and term rate modes, with coverage of all outstanding principal and a maximum of 184 days' interest at 10% in the weekly mode.
