Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to District of Columbia multimodal general obligation bonds series 2001C and 2001D. This rating action follows the cancellation of the existing bond insurance policy provided by Financial Guaranty Insurance Corp. (FGIC), and the respective substitutions of a JPMorgan Chase N.A. and Dexia Credit Local irrevocable, direct-pay letter of credits (LOCs) for the two existing standby bond purchase agreements provided by Morgan Stanley (A+/A-1). The LOC substitution from JP Morgan Chase N.A. (AA/A-1+) became effective on May 14, 2008, and covers series 2001C bonds. The LOC is scheduled to expire on May 14, 2011. The substituted LOC provides coverage for principal and 200 days' interest at maximum annual rate of 12%. The
