Summary: Ribco Trust Series 2008 P6W Feb 08

Standard & Poors, February 2008

Abstract
Ribco Trust floating rate trust receipts series 2008 FR-P6W are rated 'AAA/A-1'. The long-term component of the rating is based on the 'AAA' rated, FSA-insured Western Michigan University Board of Trustees general revenue refunding bonds series 2007. The short-term component of the rating is based on a liquidity facility provided by Lehman Liquidity Co. LLC secured by a line of credit from Lehman Brothers Holdings Inc. expiring Nov. 15, 2022. Ribco Trust residual interest trust receipts series 2008 RI-P6W are rated 'AAA'. The rating is based on the 'AAA' rated, FSA-insured Western Michigan University Board of Trustees general revenue refunding bonds series 2007. The stable outlook is based on the insurance provider, FSA....

Companies mentioned in this report are: Western Michigan Univ,Western Michigan Univ Brd of Trustees,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.

Western Michigan Univ,Western Michigan Univ Brd of Trustees,Ribco Tr

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