Summary: Ratings On 30 BNP Paribas-Backed Issues Placed On Watch Negative; CP; Combined Utility; Joint Criteria; Letter of Credit; Sales Tax; Single Family Whole Loan; Water/Sewer Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services placed its ratings on 30 BNP Paribas letter of credit (LOC)- and standby bond purchase agreement (SBPA)-backed U.S. public finance issues on CreditWatch with negative implications. This action follows Standard & Poor's Dec. 7, 2011, placement of its rating on BNP Paribas on CreditWatch with negative implications (please see "Standard & Poor's Places Several Large Bank Groups Across The Eurozone On CreditWatch Negative," published Dec. 7, 2011, on RatingsDirect on the Global Credit Portal). The issues have credit and/or liquidity support provided by BNP Paribas in the form of either LOCs or SBPAs, which provide for the full and timely payment of interest and principal according to the transactions' terms. Criteria: Methodology And Assumptions: Approach...

Companies mentioned in this report are:
- Baltimore Cnty
- BNP Paribas

Action: On CreditWatch:Negative

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.

- Baltimore Cnty
- BNP Paribas

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