Bangkok--24 Aug--Standard & Poor's
Standard & Poor's Ratings Services corrected and lowered its rating on San Juan County, N.M.'s gasoline tax/motor vehicle revenue improvement bonds subordinated series 2004, to 'A/Developing' from 'AA/Negative'. The rating had not been revised contemporaneously with our two rating actions on bond insurer National Public Finance Guarantee Corp. (National; A/Developing) because the bonds were not included in the list of reinsured obligations provided by National. On Feb. 18, 2009, National reinsured obligations of MBIA Insurance Corp., including the series 2004 bonds. At that time, we lowered our rating on National to 'AA-/Watch Developing' from 'AA/Negative' (see "MBIA Insurance Corp. Ratings Lowered to 'BBB+'; MBIA Insurance Corp. of Illinois Downgraded to 'AA-'," published Feb. 18, 2009, on RatingsDirect). On June 5, 2009, we again lowered our rating on National to 'A' with a developing outlook (see "National Public Finance Guarantee Corp. Ratings Lowered to 'A'; MBIA Insurance Corp. Ratings Lowered to 'BBB'," published June 5, 2009, on RatingsDirect).
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
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