• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Enter the above code here:
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Related Issuers
Related Research
Announcement:

MOODY'S REVIEWS RATINGS OF US MUNICIPAL SECTOR OBLIGATIONS SUPPORTED BY LOCs, LIQUIDITY FACILITIES AND SIMILAR COMMITMENTS PROVIDED BY 26 BANKS

Global Credit Research - 21 Feb 2012

APPROXIMATELY $60 BILLION OF DEBT AFFECTED

New York, February 21, 2012 -- On February 15, 2012 Moody's announced that it had placed certain obligations of multiple financial institutions under review for downgrade. Please use the URLs listed below to access Moody's announcements of these reviews:

(1) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-Banks-and-Securities-Firms-with-Global--PR_238006 ; and

(2) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-European-Banks--PR_237914 .

In connection with these bank reviews Moody's has initiated reviews for downgrade the ratings of US public finance sector transactions as detailed below.

OBLIGATIONS RATED BASED SOLELY ON SUPPORT FROM BANKS PLACED UNDER REVIEW FOR DOWNGRADE

In connection with these bank reviews Moody's has initiated reviews for downgrade the ratings of US public finance sector transactions, where such ratings are based solely on support (in the form of letters of credit and other similar type support facilities) provided by institutions listed in the announcements referenced above.

Please click on the following links for the lists of affected credit ratings. These lists are an integral part of this press release and identify each affected transaction.

Issues supported by letters of credit provided by Bank of America, N.A.: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139980

Issues supported by letters of credit provided by JPMorgan Chase Bank, N.A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139981

Issues supported by letters of credit provided by 22 Other Banks: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139982

Custodial Receipts: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139929

The principal methodology used in these ratings was Moody's Methodology for Rating U.S. Public Finance Transactions Based on the Credit Substitution Approach published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

These ratings will change up or down whenever the rating of the applicable bank providing support moves up or down.

OBLIGATIONS RATED BASED ON LIQUIDITY SUPPORT FROM BANKS THE SHORT-TERM RATINGS OF WHICH HAVE BEEN PLACED UNDER REVIEW FOR DOWNGRADE

In connection with the bank reviews described above Moody's has initiated reviews for downgrade of the short-term ratings of US municipal obligations where such ratings are based on standby bond purchase agreements and similar facilities ("liquidity facilities") provided by institutions listed in the announcements to which links are provided above. Moody's long-term ratings of these obligations are not affected by these reviews.

The short-term ratings discussed in this announcement are based primarily on the short-term ratings of the bank providing liquidity support. Because severe credit events relating to the underlying obligor can result in termination of liquidity facilities without investors having the opportunity to tender their bonds the short-term ratings based on 3rd party liquidity support also reflect the credit of the underlying obligor or obligation.

Please click on the following link for the list of affected credit ratings. This list is an integral part of this press release and identifies each affected transaction.

Issues Supported by standby bond purchase agreements: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139927

The principal methodology used in the ratings discussed herein was Moody's Methodology for Rating Variable Rate Instruments Supported by Third-Party Liquidity Providers Published November 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

These ratings will change up or down whenever the short-term rating of the bank providing liquidity support moves up or down. In addition, they may move down when the rating of the underlying obligor moves down.

TENDER OPTION BONDS WITH LIQUIDITY SUPPORT FROM BANKS THE SHORT-TERM RATINGS OF WHICH HAVE BEEN PLACED UNDER REVIEW FOR DOWNGRADE

In connection with the bank reviews described above Moody's has initiated reviews for downgrade of the short-term ratings of tender option bonds ("TOBs) where such ratings are based on liquidity facilities provided by institutions listed in the announcements to which links are provided above. Moody's long-term ratings of these obligations are not affected by these reviews.

The short-term ratings discussed in this announcement are based primarily on the short-term ratings of the bank providing liquidity support. Because severe credit events relating to the asset underlying the TOB can result in termination of liquidity facilities without investors having the opportunity to tender their bonds the short-term ratings based on 3rd party liquidity support also reflect the credit of the underlying asset.

Please click on the following links for the lists of affected credit ratings. These lists are an integral part of this press release and identify each affected transaction.

Tender option bonds with liquidity support from Bank of America, N.A.: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139983

Tender option bonds with liquidity support from 7 other banks: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139984

The principal methodology used in the ratings discussed herein was Moody's Methodology for Rating Variable Rate Instruments Supported by Third-Party Liquidity Providers published November 2006 and Moody's Rating Methodology for Tender Option Bonds published September 2005. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

These ratings will change up or down whenever the short-term rating of the bank providing liquidity support moves up or down. In addition, they may move down when the rating of the underlying asset moves down.

OBLIGATIONS RATED BASED ON SUPPORT FROM BANKS PLACED UNDER REVIEW THE LONG TERM RATINGS OF WHICH ARE BASED ON A JOINT DEFAULT ANALYSIS

Moody's Investors Service has initiated reviews for downgrade of the long-term ratings of 261 U.S. public finance sector transactions rated based on a joint default analysis ("JDA"). The affected transactions are supported by letters of credit ("LOCs") provided by 12 banks placed under review for downgrade on February 15, 2012. In addition, Moody's has initiated reviews of the short-term ratings of 84 LOC supported obligations the long-term ratings of which are based on a joint default analysis.

Please click on the following link for the list of affected credit ratings. This list is an integral part of this press release and identifies each affected transaction.

Transactions whose long-term ratings are based on a JDA: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139930.

The long-term JDA rating on each of these debts reflects Moody's approach to rating jointly supported transactions and takes into account (i) the long-term rating of the applicable bank as letter of credit provider, (ii) the underlying rating assigned to the applicable obligation, (iii) the structure and legal protections of the transaction, which ensure timely debt service payments to investors; and (iv) the default dependence between the applicable bank and borrower. The short-term rating of the applicable obligation is based solely upon the short-term rating of the applicable bank as provider of the letter of credit. These rating actions do not affect the underlying ratings of the affected transactions and do not reflect Moody's opinion of the involved borrowers' credit quality or the default dependence between the applicable bank and borrower.

What Could Change the Ratings-Down

Long-term JDA Ratings: The long-term rating for the applicable transaction could be lowered if the long-term rating of the applicable bank or the long-term rating of the underlying obligation is downgraded or if there is an increase in the default dependence between the applicable borrower and the bank.

Short-term: The short-term rating on the applicable transaction will be lowered if the short-term rating of the applicable bank is downgraded.

What Could Change the Ratings-Up

Long-term JDA Ratings: The long-term rating for the applicable transaction could be raised if the long term rating on the bank or the long-term rating of the underlying bonds is upgraded or (if the default dependence is greater than low) there is a decrease in the default dependence between the applicable borrower and the bank.

Short-term: N/A

The principal methodologies used in these ratings are Applying Global Joint Default Analysis to Letter of Credit Backed Transactions in the US Public Finance Sector published in October of 2010 and Moody's Methodology for rating US Public Finance Transactions Based on the Credit Substitution Approach published in August 2010. Please see the Credit Policy page on www.moodys.com for copies of these methodologies.

REGULATORY DISCLOSURES

Although these credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, these credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the ratings are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Thomas Jacobs
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Michael J. Loughlin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S REVIEWS RATINGS OF US MUNICIPAL SECTOR OBLIGATIONS SUPPORTED BY LOCs, LIQUIDITY FACILITIES AND SIMILAR COMMITMENTS PROVIDED BY 26 BANKS
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

 


ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable, including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

 


MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

 


For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.
© 2013 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
Regional Sites: