Ratings On 21 BNP Paribas LOC-Supported Bonds Lowered; One Rating Put On CreditWatch Negative Jan 09

Standard & Poors, January 2009

Abstract
NEW YORK (Standard & Poor's) Jan. 30, 2009--Standard & Poor's Ratings Services today lowered its ratings on 21 BNP Paribas letter of credit (LOC)-supported bond issues and removed the ratings from CreditWatch with negative implications, where they were placed Dec. 18, 2008. At the same time, Standard & Poor's placed its rating on one jointly supported bond issue on CreditWatch negative (see list). These rating actions follow the Jan. 28, 2009, lowering of our long-term counterparty credit rating on BNP Paribas and our removal of that rating from CreditWatch negative (see "BNP Paribas Long-Term Rating Lowered To 'AA'; 'A-1+' Short-Term Rating Affirmed; Outlook Negative" on RatingsDirect at www.ratingsdirect.com). The ratings on the 21 BNP Paribas LOC-supported bond issues are based...

Companies mentioned in this report are:
- BNP Paribas
- Baltimore Mayor & City Council
- Oregon
- Montgomery Cnty Indl Dev Auth
- York Cnty Indl Dev Auth
- Emery Cnty
- Indiana Cnty Indl Dev Auth
- Delaware Cnty Indl Dev Auth
- Illinois Educl Fac Auth
- California Poll Ctl Fin Auth
- Montgomery Cnty Indl Dev Auth
- Forsyth
- Gulf Coast Indl Dev Auth
- Salem Cnty Indl Poll Ctl Fin Auth
- Clayton Cnty Dev Auth
- Vermont Economic Development Auth
- Exelon Generation Co. LLC
- Alameda Cnty Indl Dev Auth
- California Econ Dev Fing Auth

Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- BNP Paribas
- Baltimore Mayor & City Council
- Oregon
- Montgomery Cnty Indl Dev Auth
- York Cnty Indl Dev Auth
- Emery Cnty
- Indiana Cnty Indl Dev Auth
- Delaware Cnty Indl Dev Auth
- Illinois Educl Fac Auth
- California Poll Ctl Fin Auth
- Montgomery Cnty Indl Dev Auth
- Forsyth
- Gulf Coast Indl Dev Auth
- Salem Cnty Indl Poll Ctl Fin Auth
- Clayton Cnty Dev Auth
- Vermont Economic Development Auth
- Exelon Generation Co. LLC
- Alameda Cnty Indl Dev Auth
- California Econ Dev Fing Auth

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