Standard&Poor's Ratings Services withdrew its short-term rating on San Antonio, Texas' water system subordinate lien revenue and refunding bonds series 2003-A and B due to the expiration and nonrenewal of the liquidity facility provided by JP Morgan Chase Bank N.A. Standard&Poor's also removed its rating on San Antonio's water system subordinate-lien revenue and refunding bonds series 2003-A and B from CreditWatch with positive implications. This action follows the downgrade of National Public Finance Guarantee Corp. to 'A' from 'AA-'. The long-term rating will now be based on the obligor. The stable outlook is based on the outlook of the obligor. USPF Criteria: "Bank Liquidity Facilities," June 22, 2007 USPF Criteria: "Standby Bond Purchase Agreement Automatic Termination
