The rating on Louisiana Local Government Environment Facilities and Community Development Authority's (Bioset of Shreveport LLC project) series A variable-rate revenue bonds is 'AA+/A-1+' based on application of joint and several criteria based upon a confirming LOC provided by the Toronto Dominion Bank ('AA-/A-1+') and a fronting LOC provided by Hibernia National Bank of New Orleans ('BBB+/A-2'). The rating on the Louisiana Local Government Environment Facilities and Community Development Authority's (Bioset of Shreveport LLC project) series B variable-rate revenue bonds is based solely on a confirming LOC provided by the Federal Home Loan Bank of Dallas ('AAA/A-1+'). The fronting LOCs provides coverage for all principal and interest bond payments, including the purchase price of tendered bonds. The LOC covers 46
