The long-term component of the rating on Philadelphia, Pa.'s bonds is based on a municipal bond insurance policy provided by FSA ('AAA'). The short-term component of the rating is based on a standby bond purchase agreement (SBPA) provided by Dexia Credit ('A-1+'). The initial SBPA shall provide coverage for unremarketed tendered bonds at a maximum of 183 days at 15% annually. The SBPA shall provide coverage for bonds bearing interest only in the weekly mode where the interest payment dates are June 15 and Dec. 15. The scheduled expiration date of the SBPA is March 18, 2010, at such time the short-term component of the rating shall be withdrawn unless the initial SBPA is extended pursuant to its terms, or
