NOTICE OF MATERIAL EVENT
Notice is hereby given that the above referenced financing(s) is insured by Financial Guaranty
Insurance Company (“FGIC”). Below are the most recent rating changes of FGIC by Moody’s
Investors Service (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings
(“Fitch”):
1/30/2008:
1/31/2008:
2/14/2008:
2/25/2008:
3/26/2008:
3/28/2008:
3/31/2008:
6/20/2008:
7/31/2008:
10/27/2008:
11/24/2008:
12/19/2008:
2/18/2009:
3/24/2009:
6/5/2009:
12/22/2010:
12/19/2011:
5/21/2013:
3/18/2014:
5/21/2014:
Fitch downgrades FGIC to ‘AA’ from ‘AAA’
S&P downgrades FGIC to ‘AA’ from ‘AAA’
Moody’s downgrades FGIC to ‘A3’ from ‘Aaa’
S&P downgrades FGIC to ‘A’ from ‘AA’
Fitch downgrades FGIC to ‘BBB’ from ‘AA’
S&P downgrades FGIC to ‘BB’ from ‘A’
Moody’s downgrades FGIC to ‘Baa3’ from ‘A3’
Moody’s downgrades FGIC to ‘B1’ from ‘Baa3’
Fitch downgrades FGIC to ‘CCC’ from ‘BBB’
S&P assigns National Public Finance Guarantee Corporation’s (formerly MBIA
Insurance Corp. of Illinois, recipient of MBIA Insurance Corporation’s U.S. public
finance insurance policies) (“MBIA”) ‘AA’ rating to S&P-rated issues that are part
of MBIA’s reinsurance transaction with FGIC
Fitch withdraws its outstanding rating on FGIC
Moody’s downgrades FGIC to ‘Caa1’ from ‘B1’
S&P downgrades MBIA to ‘AA-’ from ‘AA’ and assigns MBIA’s ‘AA-’
rating to S&P-rated issues that are part of MBIA’s reinsurance transaction with
FGIC
Moody’s downgrades FGIC to ‘Caa3’ from ‘Caa1’ and also withdraws its
outstanding rating on FGIC
S&P downgrades MBIA to ‘A’ from ‘AA-’ and assigns MBIA’s ‘A’
rating to S&P-rated issues that are part of MBIA’s reinsurance transaction with
FGIC
S&P downgrades MBIA to ‘BBB’ from ‘A’ and assigns MBIA’s ‘BBB’ rating to S&Prated issues that are part of MBIA’s reinsurance transaction with FGIC
Moody’s downgrades MBIA to ‘Baa2’ from ‘Baa1’
Moody’s upgrades NPFG to ‘Baa1’ from ‘Baa2’
S&P upgrades NPFG to ‘AA-’ from ‘A’
Moody’s upgrades NPFG to ‘A3’ from ‘Baa1’
The ratings reflect only the views of the respective rating agencies and any desired explanation
of the significance of such ratings should be obtained from such rating agencies. There is no
assurance such ratings will continue for any given period of time or that such ratings will not be
revised or withdrawn by the rating agencies, if in the judgment of such rating agencies,
circumstances so warrant. For more information regarding the rating changes, please contact
Moody’s, S&P and/or Fitch.