Standard&Poor's Ratings Services assigned its 'AAA/A-1' rating to Maryland Health and Higher Educational Facilities Authority's variable-rate demand bonds, series 2007C, issued for Johns Hopkins Hospital, based on a bond insurance policy provided by FGIC and a SBPA provided by PNC Bank, N.A. The 'AAA' long-term component of the rating indicates the likelihood of debt service payments, and the 'A-1' short-term component indicates the likelihood that tenders will be timely paid. Liquidity is provided through a SBPA. The SBPA is a revocable instrument that may be terminated due to various termination events. Standard&Poor's has reviewed these termination events and determined such events are either remote or are factored into the credit rating. However, if such an event
