CHICAGO - Standard & Poor's yesterday shifted its short-term ratings assigned to variable-rate demand bonds that carry insurance from Financial Guaranty Insurance Co. to NR - for not rated - to reflect the risks borrowers now face that their liquidity providers can withdraw coverage because of FGIC's junk-bond rating.

The rating agency on its Web site listed roughly 180 variable-rate issues impacted by its downgrade of FGIC last month. If borrowers have taken steps to restructure their original bond structures to amend the standby purchase agreement that is triggered as a result of a failed remarketing or optional tender, Standard & Poor's said it would leave the short-term ratings in place.

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