S&P Global Ratings affirmed its various ratings on 50 variable-rate bonds backed by letters of credit (LOCs) from different banks following our periodic review (see table). The ratings reflect our view of the credit and liquidity support provided by each of the banks in the form of LOCs for their respective transactions. For the issues with fronting and confirming LOCs, the ratings reflect the higher of our ratings on the respective confirming LOC provider and the fronting LOC provider during the rated mode. In view of the bonds' structure, changes to the ratings on the bonds can result from, among other events, changes to the ratings on the LOC provider or amendments to transaction terms. We will maintain a rating
