Standard&Poor's Ratings Services lowered its ratings on 17 KBC Bank N.V. letter of credit (LOC)- and standby bond purchase agreement (SBPA)-backed U.S. public finance issues. These actions follow Standard Poor's Dec. 8, 2011, downgrade of its rating on KBC Bank N.V. to 'A-/A-2' from 'A/A-1' (please see "KBC Bank N.V. And Core Entities Downgraded One Notch On Bank Criteria Change; Outlook Stable," published Dec. 8, 2011, on RatingsDirect on the Global Credit Portal). The 17 issues have credit and/or liquidity support provided by KBC Bank N.V. in the form of either LOCs or 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,
