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Project on Credit Ratings of Bonds

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Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                    CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
BBI (DBCT) Finance Pty   AUD295 mil fltg rate bank ln due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Ltd.                     12/10/2011
BBI (DBCT) Finance Pty   AUD200 mil fltg rate bnds due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Ltd.                     12/12/2022
Reliance Rail Finance    AUD150 mil var rate CPI nts ser 1 due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.                 12/31/2035
Reliance Rail Finance    AUD200 mil fltg rate nts ser 3 due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.                 09/26/2016
Reliance Rail Finance    AUD200 mil fltg rate nts ser 5 due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.                 09/26/2017
Reliance Rail Finance    AUD190 mil fltg rate nts ser 8 due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.                 09/26/2018
Reliance Rail Finance    AUD160 mil fltg rate nts ser 10 due
                                                                 --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.                 09/26/2020
Reliance Rail Finance
                         AUD50 mil nts ser 12 due 09/26/2021     --           FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.
Reliance Rail Finance
                         AUD178.5 mil bank ln due 12/07/2018 --               FGIC UK Ltd.                       AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.
                         US$150 mil 5.625% sr nts ser AA due
Alabama Power Co.                                                010392553    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         04/15/2034
                         US$150 mil 6.375% sr nts ser JJ due
Alabama Power Co.                                                010392520    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         06/15/2046
American Airlines Inc.   US$85.7 mil pass-thru ser 2005-1G       023775AA7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL

Ancora (RCH) Pty Ltd.    AUD1.08 bil CPI indexing annuity bnds --             Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL

                         AUD80 mil indexing standby liquidity
Ancora (RCH) Pty Ltd.                                            --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         bank ln
                         US$35.275 mil collat poll cntl rev rfdg
Boone Cnty               bnds (The Dayton Pwr & Light Co. Proj) 098792AK0     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2005A due 01/01/2028

                         US$43.82 mil collat rfdg rev bnds
Brazos River Auth        (CenterPoint Energy Houston Electric    106214FP9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         LLC proj) ser 2004 due 03/01/2017

                         US$33.47 mil coll rfdg rev bnds
Brazos River Auth        (CenterPoint Energy Houston Electric    106214FQ7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         LLC proj) ser 2004A due 04/01/2012

                         US$83.565 mil coll rfdg rev bnds
Brazos River Auth        (CenterPoint Energy Houston Electric    106214FR5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         LLC proj) ser 2004B due 12/01/2017
             afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                    Name/Desc                                   CUSIP                     Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                          US$25 mil wtr facs rev bnds
Bucks Cnty Indl Dev
                          (Pennsylvania Suburban Water Co.         118617AA7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          proj) ser 2002 due 09/01/2032
                          US$1 mil 8.375% poll cntrl rev bnds
Burke Cnty Dev Auth       ser 1987 dtd 07/01/87 ser 1987 due       121342EB1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          07/01/2017
                          US$85 mil poll cntl rev bnds (Georgia
Burke Cnty Dev Auth       Pwr Co. Plant Vogtle Proj) First ser     121342KR9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          2005 due 05/01/2034
                          US$100 mil poll cntl rev rfdg bnds
Burke Cnty Dev Auth       (Georgia Pwr Co. Plant Vogtle Proj)      121342KS7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          Second ser 2005 due 05/01/2034
                          US$73.25 mil envir imp rev rfdg bnds
Burlington                (Kansas City Pwr & Light Co. Proj) ser   121822AN0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          2007A due 09/01/2035
                          US$73.25 mil envir imp rev rfdg bnds
Burlington                (Kansas City Pwr & Light Co. Proj) ser   121822AP5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          2007B due 09/01/2035

California Poll Ctl Fin   US$15.5 mil 6.4% poll cntrl rev bnds
                                                                130534UT5      Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                      dtd 12/01/92 ser 1992B due 12/01/2024

                          US$90 mil poll cntl rfdg rev bnds
California Poll Ctl Fin
                          (Pacific Gas & Elec Co.) ser 2004D due 130534ZS2     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          12/01/2023
                          US$85 mil poll cntl rfdg rev bnds
California Poll Ctl Fin
                          (Pacific Gas & Elec Co.) ser 2004C due 130534ZR4     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          12/01/2023
                          US$90 mil poll cntl rfdg rev bnds
California Poll Ctl Fin
                          (Pacific Gas & Elec Co.) ser 2004B due 130534ZQ6     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          12/01/2023
                          US$70 mil poll cntl rfdg rev bnds
California Poll Ctl Fin
                          (Pacific Gas & Elec Co.) ser 2004A due 130534ZP8     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          12/01/2023
                     US$83 mil poll cntl rfdg bnds (Southern
California Statewide
                     California Edison Co) taxable ser 2005A 13078HAB8         Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Communities Dev Auth
                     due 08/01/2035
                     US$83 mil poll cntl rfdg rev bnds
California Statewide
                     (Southern California Edison Co) taxable 13078HAC6         Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Communities Dev Auth
                     ser 2005B due 08/01/2035

                     US$82.585 mil poll cntl rfdg rev bnds
California Statewide
                     (Southern California Edison Co) taxable 13078HAD4         Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Communities Dev Auth
                     ser 2005C due 08/01/2035

                     US$67.5 mil poll cntl rfdg rev bnds
California Statewide
                     (Southern California Edison Co.) ser          13078HAH5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Communities Dev Auth
                     2006D due 11/01/2033
                     US$67.5 mil poll cntl rfdg rev bnds
California Statewide
                     (Southern California Edison Co.) ser          13078HAG7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Communities Dev Auth
                     2006C due 11/01/2033
               afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                      CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                         US$14.6 mil poll cntl rfdg rev bnds
Carlton Town             (Wisconsin Pwr & Light Co. Proj) AMT      143062AJ6    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2006A due 08/01/2015
                         US$50 mil envir fac rev bnds
Carroll Cnty             (Kentucky Utilities Co. proj) ser 2004A   14483RAA5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 10/01/2034
                         US$47.83 mil wtr fac rev bnds (Aqua
Chester Cnty Indl Dev
                         Pennsylvania Inc. Proj) ser 2007A due     16559VAA0    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         02/01/2041
                         US$47.83 mil wtr fac rev bnds (Aqua
Chester Cnty Indl Dev
                         Pennsylvania Inc. Proj) ser 2007A due     16559VAB8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         02/01/2041
Children's Health
Partnership Holdings     AUD250 mil preference units               --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Pty Ltd.
                         US$20 mil sr unsecd fixed rate ind dev
Clark Cnty               rev bnds (Southwest Gas Corp. Proj.)   181004CT7       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2003D
                         US$75 mil indl dev rfdg rev bnds
Clark Cnty               (Southwest Gas Corp. Proj) ser 2004B      181004CZ3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 12/01/2033
                         US$39.5 mil poll cntl rfsg rev bnds
Clark Cnty               (Nevada Pwr Co. Proj) ser 2006 due        181008AY9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         01/01/2036
                         US$56 mil indl dev rev bnds
Clark Cnty               (Southwest Gas Corp. Proj) ser 2006A      181004DM1    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 09/01/2036
                         US$13 mil poll cntl rfdg rev bnds
Coconino Cnty Poll Ctl
                         (Nevada Pwr Co. Proj) ser 2006B due       191855AW5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                         03/01/2039
                         US$40 mil poll cntl rfdg rev bnds
Coconino Cnty Poll Ctl
                         (Nevada Pwr Co. Proj) ser 2006A due       191855AV7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                         09/01/2032
                         US$5 mil wtr fac rev bnds (The Crystal
Connecticut Dev Auth     Wtr Co. of Danielson Proj) ser 2005A   207900BZ3       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 10/01/2040
                          US$10 mil wtr fac rev bnds (The
Connecticut Dev Auth      Connecticut Wtr Co. Proj) ser 2005A      207900BY6    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          due 10/01/2040
                          US$53.631 mil Class G pass-thru ser
Continental Airlines Inc.                                          --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          2004-1 due 05/01/2013
                          US$190 mil fltg rate Class G pass-thru
Continental Airlines Inc.                                          210795PR5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          ser 2006-1 due 06/02/2015

Delaware Cnty Indl Dev US$50 mil poll cntl rev rfdg bnds dtd
                                                                   246015AV3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                   04/01/1993 ser 1988A due 12/01/2012

Delaware Cnty Indl Dev US$50 mil poll cntl rev rfdg bnds dtd
                                                                   246015AW1    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                   04/01/1993 ser 1988B due 12/01/2012
             afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                  Name/Desc                                     CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook

                       US$50 mil poll cntl rev rfdg rev bnds
Delaware Cnty Indl Dev
                       (Philadelphia Electric Co. proj) dtd       246015AX9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                       04/01/1993 ser 1988C due 12/01/2012

Delaware Cnty Indl Dev US$25 mil wtr fac rev bnds ser 1999
                                                                  246018DW2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                   due 06/01/2029
                       US$49.54 mil wtr fac rev bnds (Aqua
Delaware Cnty Indl Dev
                       Pennsylvania Inc. Proj) ser 2005A due      246018EK7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                       11/01/2038
                       US$49.54 mil wtr fac rev bnds (Aqua
Delaware Cnty Indl Dev
                       Pennsylvania Inc. Proj) ser 2005A due      246018EL5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                       11/01/2038
                       US$21.77 mil wtr fac rev rfdg bnds
Delaware Cnty Indl Dev
                       (Aqua Pennsylvania Inc. Proj) ser          246018EM3   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                       2005B due 11/01/2036
                       US$24.675 mil wtr fac rev bnds (Aqua
Delaware Cnty Indl Dev
                       Pennsylvania Inc. Proj) ser 2005C due      246018ER2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                       02/01/2035

                        US$9.5 mil 9% gen & rfdg mtg bnds
Detroit Edison Co.                                            250847BU3       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        dtd 02/15/87 ser 1987A due 02/15/2017

                        US$1 mil 9.25% first mtg bnds dtd
Duke Energy Ohio Inc.                                             172070BB9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        04/01/86 due 04/01/2016
                        US$2 mil 5.9% poll cntrl rev bnds (Utah
Emery Cnty              Pwr & Light Co Proj) dtd 04/01/78 due     291147BY1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        04/01/2008
Entergy New Orleans     US$40 mil 5.65% 1st mtg bnd due
                                                                  29364PAJ2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Inc.                    09/01/2029
Entergy New Orleans     US$35 mil 5.6% insured qrtly 1st mtg
                                                                  29364PAK9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Inc.                    bnd due 09/01/2024
                        US$33.300 mil poll cntrl rfdg rev bnds
Farmington              (El Paso Elect Co Four Corners Proj)      311450EK2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        ser 2002 A due 06/01/2032
                        US$103.46 mil poll cntl rfdg rev bnds
                        (Southern California Edison Co. Four
Farmington                                                        311450EP1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        Corners Proj) ser 2005A due
                        04/01/2029
                        US$100 mil poll cntl rfdg rev bnds
                        (Southern California Edison Co. Four
Farmington                                                        311450EQ9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        Corners Proj) ser 2005B due
                        04/01/2029

                        US$20 mil poll cntl rev rfdg bnds
Farmington              (Public Svc Co. of New Mexico-San         311450EU0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        Juan Proj) ser 2007A due 06/01/2037

                        US$125 mil 6% sr nts ser W due
Georgia Power Co.                                                 373334499   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        08/15/2044
                        US$35 mil 5.75% sr nts ser G due
Georgia Power Co.                                                 804787885   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        12/01/2044
                        US$70.850 mil Proj Rev Bnds ser
Giants Stadium LLC                                                374593AJ0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        2007A-2 due 04/01/2037
              afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                     CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                         US$40.89 mil poll cntl rev rfdg bnds
Guadalupe-Blanco
                         (AEP Texas Central Co Proj) ser 2005     400530AP6    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
River Auth
                         due 11/01/2015

                         US$12.1 mil coll rfdg rev bnds
Gulf Coast Waste Disp
                         (CenterPoint Energy Houston Electric     401905CX0    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         LLC proj) ser 2004 due 04/01/2012

                         US$47 mil spl purpose rev bnds
Hawaii St Dept of
                         (Hawaii Elec Co. Inc. & Subs Proj) ser   419800FG7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Budget & Fin
                         2005A due 01/01/2025
                         US$140 mil special purpose rev bnds
Hawaii St Dept of
                         (Hawaiian Elec Co. Inc. & Subs Proj)     419800HA8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Budget & Fin
                         ser 2007A due 03/01/2037
                         US$125 mil special purpose rev bnds
Hawaii St Dept of
                         (Hawaiian Elec Co. Inc. & Subs Proj)     419800HB6    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Budget & Fin
                         ser 2007B due 05/01/2026
                         US$54.2 mil poll cntl elec rev rfdg bnds
Hillsborough Cnty Indl
                         (Tampa Elec Co. Proj) Non-AMT ser        432320DT3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dev Auth
                         2007A due 05/15/2018
                         US$51.6 mil poll cntl elec rev rfdg bnds
Hillsborough Cnty Indl
                         (Tampa Elec Co. Proj) Non-AMT ser        432320DU0    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dev Auth
                         2007B due 09/01/2025
                         US$20 mil poll cntl elec rev rfdg bnds
Hillsborough Cnty Indl
                         (Tampa Elec Co. Proj) AMT ser 2007C      432320DV8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dev Auth
                         due 11/01/2020
                         US$49.75 mil poll cntl rev bnds (Sierra
Humboldt Cnty            Pacific Pwr Co. Proj) ser 2006 due      445195AA8     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         10/01/2029
                         US$19.2 mil envir imp rev rfdg bnds
Illinois Fin Auth        (AmerenCILCO Proj) ser 2004 due          45202NAA8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         10/01/2039
                         US$38.385 mil poll cntl fac rev rfdg
Iowa Fin Auth            bnds (Interstate Pwr & Light Co. Proj)   46246WAA4    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2005 due 07/01/2014
                         US$200 mil Project Revenue Bonds
Jets Stadium
                         (Auction Rate Secs) ser 2007A-1 due      --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Development, LLC
                         04/01/2047
                         US$200 mil Project Revenue Bonds
Jets Stadium
                         (Auction Rate Secs) ser 2007A-1 due      477181AA9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Development, LLC
                         04/01/2047
                         US$85 mil Project Revenue Bonds
Jets Stadium
                         (Auction Rate Secs) ser 2007A-4A due 374593AD3        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Development, LLC
                         04/01/2047
                         US$85 mil Project Revenue Bonds
Jets Stadium
                         (Auction Rate Secs) ser 2007A-4C due 374593AE1        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Development, LLC
                         04/01/2047
                         US$85 mil Project Revenue Bonds
Jets Stadium
                         (Auction Rate Secs) ser 2007A-4B due 374593AF8        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Development, LLC
                         04/01/2047
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                       CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                         US$25 mil poll ctl rev rfdg bnds
Lawrenceburg             (Indiana Michigan Power Co. Proj) ser F 520453AH4       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 10/01/2019
                         US$52 mil poll cntl rev rfdg bnds
Lawrenceburg             (Indiana Michigan Pwr Co. Proj) ser G      520453AJ0    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         due 11/01/2021
                         US$115.5 mil poll cntl rev rfdg bnds
Lehigh Cnty Indl Dev
                         (PPL Elec Utils Corp Proj) ser 2005A       524808BL5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         due 09/01/2029
                         US$108.25 mil poll cntl rev rfdg bnds
Lehigh Cnty Indl Dev
                         (PPL Elec Utils Corp Proj) ser 2005B       524808BM3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         due 02/15/2027
                         US$59.235 mil poll ctrl rfdg rev bnds
Maricopa Cnty Poll Ctl
                         (El Paso Elec Palo Verde Proj) ser         566854DG7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                         2005A due 08/01/2040
                         US$63.5 mil poll ctrl rfdg rev bnds (El
Maricopa Cnty Poll Ctl
                         Paso Elec Palo Verde proj) ser 2005B       566854DE2    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                         due 07/01/2040
                         US$37.1 mil poll ctrl rfdg rev bnds (El
Maricopa Cnty Poll Ctl
                         Paso Elec Palo Verde proj) ser 2005C       566854DF9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                         due 05/01/2040

Matagorda Cnty Navig     US$6 mil 7.875% poll cntrl rev bnds
                                                                    576528AW3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dist #1                  dtd 11/15/86 ser 1986 due 12/01/2016

                         US$60 mil poll cntl rev rfdg bnds (AEP
Matagorda Cnty Navig
                         Texas Central Co. Proj) non-AMT ser    576528CW1        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dist #1
                         2005C-1 due 07/01/2028
                         US$60.265 mil poll cntl rev rfdg bnds
Matagorda Cnty Navig
                         (AEP Texas Central Co. Proj) ser           576528CX9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dist #1
                         2005C-2 due 07/01/2028
                        US$35 mil ltd oblig rev bnds
Michigan Strategic Fund (Consumers Energy Co. Proj) due             59469C8P1    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        04/01/2035

                     US$66,000,000 ltd oblig rfdg rev bnds
Monroe Cnty Econ Dev
                     (Detroit Edison Co Proj) collat ser            610647BL2    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Corp
                     1992AA dtd 03/24/92 due 09/01/2022

                         US$40 mil wtr fac rev rfdg bnds (new
New Jersey Econ Dev      jersey-american wtr co, inc proj) series
                                                                    --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                     1993-A & ser 1993-Bdtd 6/1/93 due
                         6/1/2013
                         US$40 mil wtr fac rev rfdg bnds (new
New Jersey Econ Dev      jersey-american wtr co, inc proj) series
                                                                    645780CH8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                     1993-A & ser 1993-Bdtd 6/1/93 due
                         6/1/2013
                         US$65 mil wtr fac rev bnds (New
New Jersey Econ Dev
                         Jersey-American Wtr Co. Inc. Proj) ser     645780CR6    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         1994A due 11/01/2034
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                    CUSIP                     Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook

                         US$10.3 mil natural gas fac rfdg rev
New Jersey Econ Dev
                         bnds (New Jersey Natural Gas Co Proj) 645779BL2       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         Non-AMT ser 2005A due 08/01/2023

                         US$10.5 mil natural gas fac rfdg rev
New Jersey Econ Dev
                         bnds (New Jersey Natural Gas Co Proj) 645779BJ7       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         Non-AMT ser 2005B due 08/01/2024

                         US$15 mil natural gas fac rfdg rev
New Jersey Econ Dev
                         bnds (New Jersey Natural Gas Co Proj) 645779BK4       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         AMT ser 2005C due 10/01/2040

                         US$60 mil wtr facs rev bnds (New
New Jersey Econ Dev
                         Jersey-American Wtr Co. Inc. Proj) ser    645780DK0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         1997B due 05/01/2032
                         US$15.3 mil wtr facs rev rfdg bnds
New Jersey Econ Dev
                         (New Jersey American Wtr Co. Inc.         645780CK1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         Proj) ser 1993A due 06/01/2023
                         US$24.7 mil wtr facs rev bnds (New
New Jersey Econ Dev
                         Jersey American Wtr Co. Inc. Proj) ser    645780CJ4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         1993B due 06/01/2023
                         US$25 mil natural gas fac rev bnds
New Jersey Econ Dev
                         (South Jersey Gas Co. Proj) ser 2006-1 645779BP3      Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         due 04/01/2036
                         US$54.6 mil gas fac rfdg rev bnds
New Jersey Econ Dev
                         (Pivotal Util Hldgs Inc. Proj) ser 2007   64577JAD9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         due 06/01/2032
                         US$40 mil wtr fac rev bnds (New
New Jersey Econ Dev
                         Jersey -American Wtr Co. Proj) ser        645780DT1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                         1998A due 07/01/2038
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEE1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEF8   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEG6   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEH4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEJ0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEK7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due           64971PEL5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                             CUSIP                     Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEM3   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEN1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEP6   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEQ4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PER2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PES0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PET8   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEU5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEV3   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEW1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEX9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEY7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PEZ4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PFA8   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PFB6   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PFC4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due    64971PFD2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                   Name/Desc                                    CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due          64971PFE0   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due          64971PFF7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due          64971PFG5   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due          64971PFH3   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$942.555 mil pilot rev (Yankee
New York City Indl Dev
                         Stadium Proj) bnds ser 2006 due          64971PFJ9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Agy
                         03/01/2046
                         US$45,600,000 mil 6.625% poll cntrl
New York St Energy       rfdg rev bnds (Niagara Mohawk Pwr
                                                                  649845CV4   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Research & Dev Auth      Corp Proj) ser 1991A dtd 10/01/91 due
                         10/01/2013

                         US$55 mil gas fac rev bnds (Keyspan
New York St Energy
                         Energy Delivery New York Proj) ser       649842CD1   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Research & Dev Auth
                         2005B due 06/01/2025

                         US$82 mil gas fac rev bnds (Keyspan
New York St Energy
                         Energy Delivery New York Proj) ser       649842CC3   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Research & Dev Auth
                         2005A due 02/01/2024

                         US$14 mil wtr fac rev rfdg bnds (Aqua
Northumberland Cnty
                         Pennsylvania Inc. Proj) ser 2004 due     66707QAA7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Indl Dev Auth
                         10/01/2039
                         US$48.55 mil dev rev rfdg bnds
Ohio Air Qlty Dev Auth   (Columbus Southern Pwr Co. Proj) ser     677525QD2   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         D due 12/01/2038
                         US$137.8 mil collat poll cntl rev rfdg
Ohio Air Qlty Dev Auth   bnds (The Dayton Pwr & Light Co. Proj) 677525QS9     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2005B due 01/01/2034
                         US$100 mil st of ohio collateralized air
                         quality dev rev bnds (Dayton Pwr &
Ohio Air Qlty Dev Auth                                            677525RE9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         Light Co. Proj) ser 2006A due
                         09/01/2036
                         US$90 mil collat air qualilty dev rev
Ohio Air Qlty Dev Auth   bnds (Dayton Pwr & Light Co. Proj) ser   677525RS8   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         2007A due 11/01/2040
                         US$40 mil poll cntl rev rfdg bnds (Ohio
Ohio Wtr Dev Auth        Edison Co. Proj) ser 2005B due          --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         01/01/2034
                         US$41.300 mil collat poll cntl rev rfdg
Ohio Wtr Dev Auth        bnds (The Dayton Pwr & Light Co. Proj) 677660SU7     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser 2005A due 01/01/2034
Piedmont Natural Gas     US$200 mil 6.25% insured qtrly nts ser
                                                                 720186AF2    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Co. Inc.                 2006 due 06/01/2036
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                    Name/Desc                                     CUSIP                    Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
                        US$75 mil solid waste disp fac rev rfdg
Polk Cnty Indl Dev Auth bnds (Tampa Elec Co. Proj) ser 2007        73112DAC7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        due 12/01/2030
Public Service Electric US$1 mil 8.5% first mtg bnds dtd
                                                                   744567DB1    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
& Gas Co.               6/9/92 due 06/01/2022
                        US$30 mil poll cntl rev bnds
Putnam Cnty             (Appalachian Pwr Co. Proj) ser E due       746697AM3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        05/01/2019
                        US$60 mil rev bnds (Cleco Pwr LLC
Rapides Fin Auth                                                   753454AB3    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        Proj) ser 2007 due 11/01/2037
                        US$17.25 mil 7.6% poll cntrl rev rfdg
Rockport                bnds dtd 02/15/91 ser B due                773835AC7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        03/01/2016
                          US$50 mil adj rate poll cntrl rfdg rev
Rockport                  (indiana michigan pwr co proj) bnds ser 773835AV5     Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          2002A due 06/01/2025
                          US$40 mil poll cntl rev rfdg bnds
Rockport                  (Indiana Michigan Pwr Co. Proj) ser C    773835BA0    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          due 04/01/2025
                          US$17.5 mil poll cntl rev rfdg bnds
Russell Cnty Indl Dev
                          (Appalachian Pwr Co. Proj) ser J due     782470AQ1    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                          11/01/2021

Salem Cnty Indl Poll Ctl US$4.2 mil poll cntl rev rfdg bnds dtd
                                                                   794103AY7    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Fin Auth                 04/01/93 ser 1988A due 12/01/2012

                          US$24.5 mil poll cntl rfdg rev bnds
Sheboygan                 (Wisconsin Pwr & Light Co. Proj) Non-    821030CQ4    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          AMT ser 2006B due 09/01/2015
                          US$2.2 mil 7.000% solid waste disposal
St Charles Parish                                                  788116AC5    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          rev bnds ser 1992-A
                          US$0.885 mil 7% solid waste disposal
St Charles Parish         rev bnds dtd 12/01/92 ser 1992A due      788116AF8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          12/2022
Stoney Trail General      CAD138.25 mil 4.7225% sr secd bank
                                                                   --           Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Partnership               ln due 04/29/2039
                          US$45 mil poll cntl rev bnds (Indiana
Sullivan                  Mun Pwr Co. Proj) ser D due              865315AQ8    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          05/01/2009
                         US$37.6 mil ltd oblig rfdg rev bnds
Superior                 (Midwest Energy Resources Co. Proj)       868405AA9    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         ser E-1991 due 08/01/2021
Vectren Utility Holdings US$100 mil 5.95% insured quarterly
                                                                   92239MAH4    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Inc.                     nts due 10/01/2036
                         US$40 mil wtr fac rfdg rev bnds (Sierra
Washoe Cnty              Pacific Pwr Co. Proj) ser 2007B due       940865AU2    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         03/01/2036
                         US$150 mil 6.1% 1st mtg bnd due
Westar Energy Inc.                                                 95709T704    Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                         05/15/2047

                          US$10.5 mil exempt fac rev bnds (York
York Cnty Indl Dev Auth                                         98639NAA0       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                          Wtr Co. Proj) ser 2006 due 10/01/2036
            afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls

Financial Guaranty Insurance Co.
Rating Action: Corporate & Gov't Ratings Placed on CreditWatch Negative
Issuer                  Name/Desc                                    CUSIP                     Insurer            From Rating            Outlook        Credit Watch    To Rating      To Outlook
Clarion Cnty Indl Dev   US$29.705 mil adj energy dev rev bnds
                                                              180902AA6       Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth                    ser 1990 due 12/01/2017

                        US$72.795 mil collat poll cntl rev rfdg
Ohio St Air Qlty Dev
                        bnds (Cleveland Electric Illuminating     677525HS9   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Auth
                        Co.) ser 1988B due 03/01/2018

                        US$39.835 mil var rate collat poll cntl
                        rev rfdg bnds (Cleveland Electric
Ohio Wtr Dev Auth                                                 677660CF7   Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
                        Illuminating Co.) ser 1988A due
                        03/01/2015
Pennsylvania Energy     US$34.75 mil energy dev rev bnds ser
                                                             708704AE1        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dev Auth                1986A due 12/01/2011
Pennsylvania Energy     US$5.885 mil energy dev rev bnds ser
                                                             708704AG6        Financial Guaranty Insurance Co.   AAA            STABLE             --                  AAA          NOT MEANINGFUL
Dev Auth                1986C due 12/01/2011
           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




 To CreditWatch

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 To CreditWatch


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           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




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           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




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           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




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           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




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           afafdd9a-54a4-44e8-a91c-7d58e37b1b8d.xls




 To CreditWatch


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"Our analysis of the impact of the ratings actions announced today is ongoing. As we complete our analysis
during the next few weeks, we may publish additional ratings changes. "

Disclaimer
Analytic services provided by Standard & Poor's Ratings Services ("Ratings Services") are the result of separate
activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and
observations contained herein are solely statements of opinion and not statements of fact or recommendations to
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DOCUMENT INFO
Description: Project on Credit Ratings of Bonds document sample