Summary: Ribco Trust Series 2006 FR-P85 New York City Municipal Water Finance Authority Nov 06

Standard & Poors, November 2006

Abstract
The Ribco Trust Floating Rate Trust Receipts (Floater-TRs), series 2006 FR-P85, are rated 'AAA/A-1'. The long-term component of the rating is based on the 'AAA' rated, MBIA-insured New York City Municipal Water Finance Authority's water and sewer system revenue bonds, fiscal 2004 series A. 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 Bros. Holdings Inc. expiring June 15, 2035. The Ribco Trust Residual Interest Trust Receipts (RI-TRs), series 2006 RI-P85, arerated 'AAA'. The rating is based on the 'AAA' rated, MBIA-insured New York City Municipal Water Finance Authority's water and sewer system revenue bonds, fiscal 2004 series A. The stable outlook is...

Companies mentioned in this report are: New York City Mun Wtr Fin Auth,Ribco Tr
Action: New Rating
Action: Outlook: Stable

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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.

New York City Mun Wtr Fin Auth,Ribco Tr

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