Standard & Poor's Corp. Friday put 22 collateralized municipal issues totaling $105 million on CreditWatch with negative implications, saying the Federal Deposit Insurance Corp.'s silence on receivership procedures is creating doubts about the bonds' credit quality.

The deals all have collateralized letters of credit provided by FDIC-insured institutions. If any of the banks were to become insolvent, Standard & Poor's officials said, FDIC's handling of the collateralized assets would have a direct bearing on the bonds. But FDIC has not said how it would proceed.

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