TEXT: S&P Takes Various Rtg Actions On 166 AGM-Insured Issues

(The following was released by the rating agency)

NEW YORK (Standard & Poor's) Feb. 1, 2012--Standard & Poor's Ratings Services lowered its ratings and revises its outlooks on 166 Assured Guaranty Municipal Corp./Assured Guaranty Corp.-insured and JPMorgan Chase Bank N.A. standby bond purchase agreement (SBPA)-backed U.S. public finance issues.

These actions follow Standard Poor's Nov. 29, 2011, downgrade of its rating on JPMorgan Chase Bank N.A. to 'A+/A-1' from 'AA-/A-1+' and Nov. 30, 2011, downgrade of its rating on Assured Guaranty Municipal Corp./Assured Guaranty Corp. downgrade to 'AA-' from 'AA+', and removal from CreditWatch with negative implications (please see "Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries," and "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 29, 2011, and Nov. 30, 2011, respectively, on RatingsDirect on the Global Credit Portal).

The 166 issues have insurance bond policies provided by Assured Guaranty Municipal Corp./Assured Guaranty Corp. and liquidity support provided by JPMorgan Chase Bank. N.A. in the form of SBPAs, which provide for the full and timely payment of interest and principal according to the transactions' terms.

The list of affected ratings is posted here. Under Featured Reports, click "Assured Guaranty Municipal Corp./Assured Guaranty Corp.-Insured and JPMorgan Chase Bank N.A.-Supported Issues, February 2012."

Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.