Standard&Poor's Ratings Services placed its ratings on 14 Dexia Credit Local standby bond purchase agreement (SBPA)-backed U.S. public finance issues on CreditWatch with negative implications. This action follows Standard&Poor's Nov. 23, 2011, placement of its rating on Dexia Credit Local on CreditWatch with negative implications (please see "CreditWatch On Dexia Credit Local Revised To Negative; Subordinated Debt Rating Lowered To 'B-'; SACP Revised To 'B+'," published Nov. 23, 2011, on RatingsDirect on the Global Credit Portal). The 14 issues have credit support provided by Dexia Credit Local in the form of SBPAs, which provide for the full and timely payment of interest and principal according to the transactions' terms. USPF Criteria: Bank Liquidity Facilities, June 22,
