Summary: GS Municipal Product LLC Series 2008-9TP Rating Lowered To ?AA+/A-1?; Tender Option Certificates/Bonds Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services lowered its ratings on GS Municipal Product LLC's floater certificates series 2008-9TP, relating to North Carolina Capital Facilities Agency's (Duke University Project) revenue bonds series 2006A, to 'AA+/A-1' from 'AA+/A-1+'. The liquidity facility provided by Wells Fargo & Co. has been extended to Nov. 15, 2012. This action follows Standard & Poor's Nov. 29, 2011, downgrade of its rating on Wells Fargo & Co. to 'A+/A-1' from 'AA-/A-1+' (please see "Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries," published Nov. 29, 2011, on RatingsDirect on the Global Credit Portal). The long-term component of the rating is based on the rating on the underlying bonds (CUSIP...

Companies mentioned in this report are: Duke Univ,GS Muni Product LLC
Action: Downgraded

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.

Duke Univ,GS Muni Product LLC

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