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Rating Update:

CORRECTION TO RATINGS ON JEFFERSON (COUNTY OF) AL SEWER ENTERPRISE SEWER REVENUE WARRANTS, SERIES 1997 A & B (CUSIPS 472682EK5, 472682FE8, 472682MX8)

23 May 2011

Jefferson (County of) AL Sewer Enterprise
Water/Sewer
AL

Opinion

NEW YORK, May 23, 2011 -- Moody's Investors Service has corrected the ratings on Jefferson (County of) AL Sewer Enterprise Sewer Revenue Warrants Series 1997 A & B (CUSIP 472682EK5) to Caa3 from WR, Sewer Revenue Warrants Series 1997 A & B (CUSIP 472682FE8) to Caa3 from #Aaa, and Sewer Revenue Warrants Series 1997 A & B (CUSIP 472682MX8) to Caa3 from #Aaa.

CUSIP 472682EK5 was the original CUSIP for the February 1, 2022 maturity. We previously withdrew the underlying rating on that CUSIP based on our understanding at that time that the CUSIP had been fully refunded. We have since learned that the CUSIP was only partially refunded. As a result, we have corrected the rating history to reflect that.

CUSIP 472682FE8 was a secondary market CUSIP of the original CUSIP 472682EK5. We originally assigned a refunded rating to this CUSIP based on our understanding that the CUSIP had been fully refunded. We have since learned that this CUSIP is a secondary market CUSIP and was not part of the original refunding. In addition, CUSIP 472682MX8 represents an un-refunded portion of the secondary market CUSIP 472682FE8. We originally assigned a refunded rating to this CUSIP as well based on our understanding that it was fully refunded. We have since learned that CUSIP 472682FE8 was a secondary market instrument, not included in the original refunding and that CUSIP 472682EK5 represents an un-refunded portion of the split CUSIP 472682FE8. As a result, we have corrected the rating histories for both CUSIPs.

The corrected rating histories for the three affected CUSIPs are as follows:

CUSIP 472682EK5

Rating DateRating ClassRating Text

2/10/1997LT SR REVBaa1

2/25/1997LT SR REV INSUREDAaa

3/28/2003LT SR REVA3

7/11/2005LT SR REVA3

2/14/2008LT SR REV INSUREDA3

2/26/2008LT SR REVBaa3

3/4/2008LT SR REVB3

3/27/2008LT SR REVCaa3

3/31/2008LT SR REV INSUREDBaa3

6/20/2008LT SR REV INSUREDB1

9/25/2008LT SR REVCaa3

12/19/2008LT SR REV INSUREDCaa1

3/24/2009LT SR REV INSUREDCaa3

7/22/2009LT SR REVCaa3

5/1/2010LT SR REVCaa3

5/1/2010LT SR REV INSUREDCaa3

CUSIP 472682FE8

Rating DateRating ClassRating Text

2/10/1997LT SR REVBaa1

3/28/2003LT SR REVA3

7/11/2005LT SR REVA3

2/26/2008LT SR REVBaa3

3/4/2008LT SR REVB3

3/27/2008LT SR REVCaa3

9/25/2008LT SR REVCaa3

7/22/2009LT SR REVCaa3

5/1/2010LT SR REVCaa3

CUSIP 472682MX8

Rating DateRating ClassRating Text

2/10/1997LT SR REVBaa1

3/28/2003LT SR REVA3

7/11/2005LT SR REVA3

2/26/2008LT SR REVBaa3

3/4/2008LT SR REVB3

3/27/2008LT SR REVCaa3

9/25/2008LT SR REVCaa3

7/22/2009LT SR REVCaa3

5/1/2010LT SR REVCaa3

For additional information on the refunded bonds, please see Moody's rating update report dated August 15, 2000.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Analysts

Dmitriy Plit
Analyst
Public Finance Group
Moody's Investors Service

Gregory W. Lipitz
Backup Analyst
Public Finance Group
Moody's Investors Service

Contacts

Journalists: (212) 553-0376
Research Clients: (212) 553-1653


Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

CORRECTION TO RATINGS ON JEFFERSON (COUNTY OF) AL SEWER ENTERPRISE SEWER REVENUE WARRANTS, SERIES 1997 A & B (CUSIPS 472682EK5, 472682FE8, 472682MX8)
No Related Data.
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