New York, September 27, 2010 -- SUMMARY OF CORRECTION
Revised list of affected transactions listed below. Michigan State
Hospital Finance Authority Revenue Bonds Ser. 2007 has been removed
from the original list. This transaction was not supported by a
U.S. Bank National Association- backed letter of
credit. Revised release below.
OPINION
As a result of Moody's recent rating action which placed the long-term
and short-term other senior obligation ratings of U.S.
Bank National Association on Watchlist for possible downgrade, Moody's
has placed on Watchlist for possible downgrade the ratings of the U.S.
Bank National Association-backed letter of credit-backed
transactions that utilize the joint support methodology. Please
see the list of affected transactions below.
The long-term rating on these transactions reflects Moody's approach
to rating jointly supported transactions and takes into account (i) the
long-term other senior obligation (OSO) rating of U.S.
Bank National Association (the Bank) as letter of credit provider,
(ii) the underlying rating assigned to the borrower, (iii) the structure
and legal protections of the transaction, which ensures timely debt
service payments to investors; and (iv) the default correlation/dependence
between the letter of credit provider and the borrower. The short-term
rating of the Bonds is based solely upon the short-term OSO rating
of the Bank as provider of the LOC.
WHAT COULD CHANGE THE RATING--UP
Long-term: The long-term rating on the bonds could
be raised if the long term other senior obligation (OSO) rating on the
Bank or the long-term rating of the underlying security was upgraded,
or if there is a decrease in the default correlation/dependence level
between the Bank and borrower (N/A for Aaa rated transactions)
Short-term: The short-term rating on the bonds would
be raised if the short-term other senior obligation (OSO) rating
on the Bank was upgraded (N/A for VMIG 1)
WHAT COULD CHANGE THE RATING--DOWN
Long-Term: The long-term rating on the bonds could
be lowered if the long term other senior obligation (OSO) rating on the
Bank or the long-term rating of the underlying security was downgraded,
or if there is an increase in the default correlation/dependence level
between the Bank and borrower.
Short-term: The short-term rating on the bonds would
be lowered if the short-term other senior obligation (OSO) rating
on the Bank was downgraded.
Issuer Name Debt Type Series
California Infrastruc. & Econ. Dev. Bank,
CA Revenue Bonds Ser. 2008A
California Statewide Communities Dev. Auth. Var.
Rt. Rev. Bonds Ser. 2008A
Castle Pines North Metropolitan District, CO General Obligation
Bonds Ser. 2006C
Chicago Board of Education, IL General Obligation Bonds Ser.
2009B
Chicago Board of Education, IL General Obligation Bonds Ser.
2009C
Clackamas County Hospital Facility Auth., OR Revenue Bonds
Ser. 2008A
Clackamas County Hospital Facility Auth., OR Revenue Bonds
Ser. 2008B
Clackamas County Hospital Facility Auth., OR Revenue Bonds
Ser. 2008C
Cleveland (City of) OH Revenue Bonds Ser. 2008D
Cleveland (City of) OH Revenue Bonds Ser. 2008H (Taxable)
Cleveland (City of) OH Revenue Bonds Ser. 2009A (AMT)
Cleveland (City of) OH Revenue Bonds Ser. 2009B (Taxable)
Colorado Health Facilities Authority Var. Rt. Rev.
Bonds Ser. 2002-B
Colorado Health Facilities Authority Var. Rt. Demand Revenue
Bonds Ser. 2007
Colorado Health Facilities Authority Var Rt Health Facility Rev Bonds
Ser. 2008
Colorado Health Facilities Authority Revenue Bonds Ser. 2009A
Columbia (City of) SC Revenue Bonds Ser. 2009
Franklin (County of) OH Revenue Bonds Ser. 2003
Hanover County Econ. Dev. Auth., VA Revenue
Refunding Bonds Ser. 2008D-2
Hospital Authority No. 1 of Lancaster Co., NE Var
Rt Hosp Rev Bonds Ser. 2008B-1
Hospital Authority No. 1 of Lancaster Co., NE Var
Rt Hosp Rev Bonds Ser. 2008B-2
Hospital Authority No. 1 of Saline County, NE Var.
Rt. Demand Revenue Bonds Ser. 2008C
Hospital Authority No. 2 of Douglas Cnty., NE Revenue
Refunding Bonds Ser. 2008A
Los Angeles County Metro. Transp. Auth., CA
Revenue Refunding Bonds Ser. 2009-C2
Los Angeles County Metro. Transp. Auth., CA
Revenue Refunding Bonds Ser. 2009-C4
Lower Merion School District (Mntg. Co.) PA General Obligation
Bonds Ser. 2009B Cap. Proj.
Minnesota Higher Education Facilities Auth. Var. Rt.
Demand Revenue Bonds Ser. Five-Z
Missouri State Hlth & Educational Facs. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2009
New York (City of) NY General Obligation Bonds Fisc. 2008 Ser.
L, Subser. L-4
New York City Trust for Cultural Res., NY Revenue Bonds Ser.
2008B-1
Oregon Health and Science University Var. Rt. Demand Revenue
Bonds Ser. 2009B-1
Oregon Health and Science University Var. Rt. Demand Revenue
Bonds Ser. 2009B2
Pinellas County Health Facilities Auth., FL Revenue Bonds
Ser. 2009A-1
Sacramento County Sanitation Dist. Fin. Auth. Ser.
2008E
South Dakota Health & Education Facs. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2004-B
South Dakota Health & Education Facs. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2001C
South Dakota Health & Education Facs. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2008
St. Joseph Industrial Development Auth., MO Var.
Rt. Demand Revenue Bonds Ser. 2009A
St. Louis Industrial Development Auth., MO Var.
Rt. Demand Revenue Bonds Ser. 2009B
University of Wisconsin Hosp. & Clinics Auth. Var.
Rt. Demand Revenue Bonds Ser. 2008B
University of Wisconsin Hosp. & Clinics Auth. Var.
Rt. Demand Revenue Bonds Ser. 2009A
University of Wisconsin Hosp. & Clinics Auth. Revenue
Refunding Bonds Ser. 2009B
Washington Health Care Facilities Auth Var. Rt. Rev.
Bonds Ser. 2009B
Washington Health Care Facilities Auth Var. Rt. Rev.
Bonds Ser. 2009C
West Virginia Economic Development Authority Solid Waste Disposal Rev
Bonds Ser. 2009B
Wisconsin Health & Educational Fac. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2003B
Wisconsin Health & Educational Fac. Auth. Var.
Rt. Demand Revenue Bonds Ser. 2008B
Wisconsin Health & Educational Fac. Auth. Var.
Rt. Rev. Bonds Ser. 2008A
Wisconsin Health & Educational Fac. Auth. Var.
Rt. Rev. Bonds Ser. 2008B
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The principal methodology used in rating this issue was Moody's Rating
Methodology for applying the Joint Support Methodology to Rating Letter
of Credit-Supported Bonds published in August 2005 and available
on www.moodys.com in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this issue can
also be found in the Rating Methodologies sub-directory on Moody's
website.
New York
Randy Matlosz
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Marie Formisano
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA
CORRECTION TO TEXT, JULY 28, 2010 RELEASE: Moody's has placed on Watchlist for possible downgrade the ratings of the U.S. Bank National Association-backed letter of credit-backed transactions that utilize the joint support methodology