WASHINGTON -- Standard & Poor's Corp. failed to publish an expected commentary criticizing a proposed $699 million lease-backed bond deal between Minnesota and Northwest Airlines in the Nov. 25 issue of Credit Week Municipal.

The Nov. 25 edition of The Bond Buyer included a story on the commentary, based on an advance copy provided to the newspaper.

An agency spokeswoman said that the commentary was "pulled at the last minute" from CrediWeek "for minor revisions" without notifying The Bond Buyer.

Any agency revisions will not change the story that appeared in The Bond Buyer, the spokeswoman said. "We stand behind what was said" in the newspaper story, she said.

The agency has decided not to publish its commentary until the approval process on the proposed bond issue is complete, the spokeswoman said. A final vote on the issue is expected by the Minnesota Legislature's Commission on Planning and Fiscal Policy after hearings planned for next week.

According to the spokeswoman, "No publication date has been set at this tie." While the commentary may appear soon afterwards, the rating agency also may decide not to pubish it at all, she said. Any questions on the quotes that appeared in The Bond Buyer should be directed to analyst Arthur J. Grisi, one of the authors of the commentary, at 212-208-1754, she said.

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