Summary: California May 04

Standard & Poors, May 2004

Abstract
The long-term component of the rating on RIBCO Trust floating rate trust receipts series 2004 L19J is based on the rating of the underlying California economic recovery bonds series 2004A. The short-term component of the rating is based on a liquidity facility in the form of a line of credit guaranteed by Lehman Brothers Inc. The line of credit which expires on July 1, 2005, unless earlier terminated pursuant to its terms will cover the purchase price of tendered but unremarketed bonds. The long-term rating on RIBCO Trust residual interest rate trust receipts series 2004 L19J is based on the rating of the underlying California economic recovery bonds series 2004A. Complete ratings information is available to subscribers of RatingsDirect, Standard...

Companies mentioned in this report are:
- California
- Ribco Tr

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California
- Ribco Tr

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