The rating on Louisiana Public Facilities Authority's equipment and capital facility pooled loan program variable-rate revenue bonds series 2001B has been lowered to 'A-/A-2' from 'AA+/A-1+'. The prior rating was based on joint criteria applied to an irrevocable LOC provided by Hibernia National Bank, New Orleans, La. ('A-/A-2') and a confirming LOC provided by Toronto Dominion Bank ('A+/A-1'). The downgrade is due to the July 11, 2004, expiration of the confirming LOC, which was not extended. The rating is now based solely on the direct-pay LOC provided by Hibernia National Bank. In addition, Standard&Poor's Ratings Services has placed its 'A-/A-2' rating on the bonds on CreditWatch with negative implications. This action follows Standard&Poor's placement of Hibernia
