Rating Changes

Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of the letters of credit or bond insurance for issues in the secondary market are not included. ISSUER AMOUNT CHANGE BOND (000S) TO FROM NAME COMMENTS

Antelope Valley Hospital Authority, Calif., revenue bonds, Series 55,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

2002 A (LOC: JPMorganChase Bank)

Austin Department of Aviation, Tex., airport system revenue notes, 28,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

Series A (Austin Bergstrom International Airport) (LOC: JPMorganChase Bank)

Bensalem Township School District, Pa., general obligation bonds 23,240 A2 A3 Moody Strengthened and stable financial operations, tax base growth,

manageable debt position.

Calcasieu Parish Inc. Industrial Development Board, La., environmental 50,000 BB-minus BB S&P Downgrade of corporate obligor.

revenue bonds, Series 1993 (Obligor: CITGO Petroleum Corp.)

California Statewide Communities Development Authority, revenue 17,730 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

refunding certificates of participation (House Ear Institute) (LOC:

JPMorganChase Bank)

Cape May County Municipal Utility Authority, N.J., solid waste system 5,170 AA-minus A-plus S&P Security provided by authority's deficiency agreement with count refunding revenue bonds, Series 1997 y, improving tax base, strong financial performance, low debt lev els with infrequent borrowing.

Community College District No. 511, Ill., general obligation bonds 33,800 Aa3 A1 Moody Consistently sound financial operations, sizable and moderately

growing tax base, favorable debt profile.

Community College District No. 514, Ill., general obligation bonds, 400 A1 A2 Moody Large and steadily growing tax base, sound financial operations,

Series 1993C manageable debt burden.

Dade County Aviation Department, Fla., revenue bonds, Series 1984 A n.a. AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

(LOC: JPMorganChase Bank)

De Kalb County Housing Authority, Ga., single-family mortgage revenue 2,595 AA-minus AA S&P Downgrade of JPMorganChase Bank, which provides credit

bonds, Series 1990 (GNMA-collateralized home mortgage bond program) support via guaranteed investment contracts.

Delaware County Authority, Pa., revenue bonds, Series 2002 13,500 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

(Villanova University) (LOC: JPMorganChase Bank)

Delaware Economic Development Authority, industrial development 4,500 BB-plus BBB-minus S&P Downgrade of corporate obligor.

revenue bonds, Series 1982 (Obligor: FMC Corp.)

Denver City & County Department of Aviation, Colo., airport system 90,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

Revenue bonds, Series 1992D, and airport special facility revenue bonds,

Series 2000 A (World Port at DIA Project) (LOC: JPMorganChase Bank)

District of Columbia, general obligation general fund recovery bonds, 230,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

Series 1991B 1-3 (LOC: JPMorganChase Bank)

Foxborough (Town), Mass., general obligation bonds 6,900 Aa3 A1 Moody Conservative fiscal management, favorable debt position,

positive economic expansion with continued opportunities for

long-term taxable value growth.

Fredericksburg Industrial Development Authority, Va., revenue bonds, 102,400 A3 A2 Moody MediCorp's substantial increase in leverage following issuance of

Series 1996 & 2002A (MediCorp Health System) new bonds, relatively weak balance sheet profile.

Georgia Private Colleges & Universities Authority, revenue bonds 1,200,000 Aa2 Aa1 Moody Significant increase in indebtedness over past five years, lack

(Emory University) of growth in financial resources, constrained earnings environ-

ment of Emory's hospital operations.

Goshen (Town), N.Y., general obligation bonds 1,125 A2 A3 Moody Improved financial performance, expanding tax base, moderate

debt levels.

Gulf Coast Waste Disposal Authority, Tex., pollution control revenue 2,600 BB-plus BBB-minus S&P Downgrade of corporate obligor.

bonds, Series 1983 (Obligor: FMC Corp.)

Harris County Health Facilities Development Corp., Tex., blood center 6,300 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

revenue bonds, Series 1992 (Gulf Coast Regional Blood Center) (LOC:

JPMorganChase Bank)

Harris County Municipal Utility District No. 222, Tex., general obligation bonds 10,300 Baa2 Baa3 Moody Mature tax base that has grown at favorable pace, history of

Solid financial management, high but manageable debt levels.

Henry County, Tenn., general obligation bonds 17,300 A3 Baa1 Moody Favorable financial results, substantial reserves, continuing tax

base growth, moderate amount of rapidly retired debt.

Hillsborough County Industrial Development Authority, pollution control 838,010 BBB A-minus S&P Downgrade of corporate obligor.

revenue bonds, Series 1974A, 1984, 1984A, 1985, 1991 & 1993, and revenue

refunding bonds, Series 1990, 1991, 1992, 1994 & 2002 (Obligor: Tampa

Electric Co.)

Hillsborough County School District, Fla., general obligation bonds, 46,430 AA AA-minus S&P Demonstrated ability to consistently manage budget despite

Series 1994 below-average reserve levels, proactive approach to addressing

sizable but manageable capital needs.

Hillsborough County School District, Fla., certificates of participation, 68,000 AA-minus A-plus S&P Demonstrated ability to consistently manage budget despite

Series 2001 below-average reserve levels, proactive approach to addressing

sizable but manageable capital needs.

Isle of Wight County Industrial Development Authority, Va., industrial 2,800 A+/F1 AA/F1+ Fitch Replacement of NationsBank letter of credit with one from

development revenue bonds, Series 1999 (Smithfield Ham & Products Co.)

JPMorganChase Bank.

Kanawha County, W.Va., pollution control revenue bonds, Series 1977 16,250 BB-plus BBB-minus S&P Downgrade of corporate obligor.

(Obligor: FMC Corp.)

Lake County School District No. 65, Ill., general obligation bonds 3,000 A1 Aa3 Moody Historic pattern of structural imbalance, resulting in weakened

financial position.

Lincoln Electric System, Neb., electric system prior lien revenue bonds 257,515 AA-plus AA S&P Senior lien's closed status and very high debt service coverage

of more than 8 times.

Livonia, Mich., water supply & wastewater system revenue bonds, 15,185 A-plus A S&P Strong and stable service economy, good financial performance,

Series 2000 limited future capital needs.

Long Island Power Authority, N.Y., electric system revenue bonds, 100,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

Series 3A (remarketed) (LOC: JPMorganChase Bank)

Maine Finance Authority, solid waste recycling facility revenue 62,000 BBB-minus BBB S&P Downgrade of corporate obligor.

bonds, Series 1992 (Obligor: Bowater Inc.)

Maryland Economic Development Corp., student housing revenue bonds, 26,100 Baa2 Baa3 Moody Demonstrated demand for facility, excellent long-term outlook for

Series 1999A (Collegiate Housing Foundation/University of Maryland- College Park) UMCP's student market position, strong expected demand for

student residence facilities, acceptable debt service coverage,

satisfactory reserve requirements.

McMinn County Industrial Development Board, Tenn., pollution control 69,500 BBB-minus BBB S&P Downgrade of corporate obligor.

facility revenue bonds, Series 1991, and solid waste recycling facility

revenue bonds, Series 1992 (Obligor: Bowater Inc.)

Mercedes Independent School District, Tex., general obligation bonds 30,505 BBB-plus BBB S&P Maintenance of strong reserves while addressing significant

capital needs.

Mississippi Business Finance Corp., solid waste disposal revenue 14,800 CCC B S&P Downgrade of corporate obligor.

bonds, Series 1998 (Obligor: Mississippi Chemical Corp.)

Missouri Health & Educational Facilities Authority, revenue bonds, 468,000 Aa2 Aa3 Moody BJC's leading market share, breadth of clinical services,

Series 1993 & 1998 (BJC Health System) substantially improved financial performance.

Missouri Health & Educational Facilities Authority, equipment & 15,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

capital loan program (Christian Health Services Development Corp.)

(LOC: JPMorganChase Bank)

Montgomery Medical Clinic Board, Ala., health care facility revenue 25,420 BBB-minus BBB S&P Weaker income statement, inability to translate prior volume

bonds (Jackson Hospital & Clinic) growth into improved operating performance.

New York City, general obligation bonds, Fiscal 1994 Series A-4 & A-7 150,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

and Fiscal 1995 Series B-9 (LOC: JPMorganChase Bank)

New York State, general obligation environmental quality 86 bonds, 120,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

Series 1998 A (LOC: JPMorganChase Bank)

New York State Dormitory Authority, revenue bonds, Series 1998 15,900 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

(Wagner College) (LOC: JPMorganChase Bank)

Newport (City), Ky., City Hall lease revenue bonds, Series 1993 A 3,450 A3 Baa1 Moody Satisfactory financial operations, favorable tax base growth,

(Danville, Ky. - Multi-City Lease Revenue Bonds Program) manageable debt levels.

Pennsylvania Economic Development Finance Authority, facilities 45,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

revenue bonds, Series 2001 B (Amtrak Project) (LOC: JPMorganChase Bank)

Philadelphia Hospital & Higher Education Facilities Authority, Pa., 34,800 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

revenue bonds, Series 2000 (Wills Eye Hospital) (LOC: JPMorganChase Bank)

Philadelphia Industrial Development Authority, Pa., revenue bonds, Series 120,500 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

1990 A&B (Institute for Cancer Research), Series 1997 (Fox Chase Cancer

Center), and Series 2001 & 2002 (Girard Estate) (LOC: JPMorganChase Bank)

Pine Tree Independent School District, Tex., general obligation bonds 8,400 A3 Baa2 Moody Improved financial operations, significant increases in general

fund revenues, low debt burden, high tax collections.

Plaquemines Port Harbor Terminal District, La., revenue refunding bonds, 110,600 BBB-minus BBB-plus S&P Downgrade of corporate obligor.

Series 1985 A-D (Obligor: TECO Energy Inc.)

Power County, Idaho, environmental improvement revenue bonds, Series 67,470 BB-plus BBB-minus S&P Downgrade of corporate obligor.

1979B; pollution control refunding revenue bonds, Series 1997; and solid

waste disposal revenue bonds, Series 1999 (Obligor: FMC Corp.)

Putnam County, W.Va., pollution control refunding revenue bonds, 2,715 BB-plus BBB-minus S&P Downgrade of corporate obligor.

Series 1997 (Obligor: FMC Corp.)

San Jose Redevelopment Agency, Calif., merged area redevelopment 59,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

bonds, Series 1996 A&B (LOC: JPMorganChase Bank)

Southest Resource Recovery Facility Authority, Calif., lease revenue 142,800 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

refunding bonds, Series 1995 A&B (LOC: JPMorganChase Bank)

Spotsylvania County Industrial Development Authority, Va., pollution 1,500 BB-plus BBB-minus S&P Downgrade of corporate obligor.

control revenue bonds, Series 1977 (Obligor: FMC Corp.)

Suffolk County Industrial Development Agency, N.Y., research facility 8,600 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

revenue bonds, Series 1993 (Cold Springs Harbor Lab Project), and industrial

development revenue bonds, Series 1998 (J.B.C. Realty, LLC/Wilbar Intl. Inc.)

(LOC: JPMorganChase Bank)

Sweetwater County, W.Va., solid waste disposal revenue bonds, Series 90,000 BB-plus BBB-minus S&P Downgrade of corporate obligor.

1994 A&B (Obligor: FMC Corp.)

Tri-County Metropolitan Transportation District, Ore., limited obligation 28,385 AA-minus AA S&P Downgrade of LOC provider.

Revenue bonds, Series 1999-1 (Airport Light Rail Extention-PDC Funding)

(LOC: JPMorganChase Bank)

Tyler (City), Tex., water & sewer revenue bonds 35,000 Aa3 A1 Moody Modestly growing customer base, strong pro forma debt service

coverage levels, low debt ratio.

Washington County Authority, Pa., revenue bonds, Series 1999 43,500 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

(Girard Estate Refunding Project) (LOC: JPMorganChase Bank)

Washington Public Power Supply System, refunding electric revenue 50,000 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

bonds, Series 1993-1A3 & 3A3 (Project No. 3) (LOC: JPMorganChase Bank)

White Lake Twp., Mich. water system improvement revenue bonds 1,300 BBB BBB-minus S&P Recent and projected growth prospects, stabilization of finances,

consistently strong debt service coverage since 1996.

Windsor, Calif., multifamily housing revenue bonds, Series 1995 A 4,315 AA/A-1+ AA/A-1+ S&P Downgrade of LOC provider.

(Oakmont at Windsor Project) (LOC: JPMorganChase Bank)

York County, S.C., pollution control facility revenue bonds, Series 1990, 13,395 BBB-minus BBB S&P Downgrade of corporate obligor.

and refunding revenue bonds, Series 1991A (Obligor: Bowater Inc.)

Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of letters of credit or bond insurance for issues in the secondary market are not included.