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10 Nov 2010
$5 BILLION IN DEBT AFFECTED.
New York, November 10, 2010 -- Moody's has confirmed the long-term joint support ratings on 74
bonds ($3.4 billion) and downgraded the long-term
joint support ratings on 32 bonds ($1.6 billion) in connection
with the recent downgrade of ratings of certain U.S. regional
banks which provide letters of credit in the municipal market.
The short-term ratings on 14 bonds were downgraded by one notch.
A full list of ratings affected is available on Moody's website at:
The long-term ratings on these transactions are rated based on
the Joint Default Analysis ("JDA") approach for letters of credit and
the ratings take into account the rating of the bank providing the letter
of credit and the obligor as well as the default dependence between the
two entities. On November 1, 2010, Moody's downgraded
the ratings on the following U.S. regional banks that provide
letters of credit for these bonds: Branch Banking and Trust Company,
SunTrust Bank, Regions Bank, KeyBank, N.A.,
PNC Bank, N.A. and Fifth Third Bank, Ohio (see
press release titled "Moody's downgrades U.S. regional banks'
supported ratings" published on November 1, 2010 for more information).
In connection with these downgrades, Moody's reviewed the long-term
ratings on jointly supported bonds with LOCs provided by the aforementioned
banks. Moody's confirmed the long-term rating on 74 bonds
and downgraded by one notch the long-term rating on 32 bonds .
In addition, the ratings of 22 bonds (included in attached list)
were unaffected by today's rating actions and the long-term
ratings remain on watch for possible downgrade because the bank or obligor
remains on watch.
The short-term ratings of SunTrust Bank, Regions Bank,
Keybank, N.A. and Fifth Third Bank, Ohio were
also downgraded on November 1, 2010. The short-term
ratings of the bonds are based solely on the short-term rating
of the bank and not the obligor. As such, Moody's lowered
the short-term ratings by one notch on 14 bonds supported by letters
of credits provided by these four regional banks.
The downgrades do not affect the underlying ratings of the affected transactions'
obligors and they do not reflect the rating agency's opinion of the obligors'
The principal methodologies used in rating these transactions are Applying
Global Joint Default Analysis to Letter of Credit-Backed Transactions
in the U.S. Public Finance Sector, published on September
1, 2010 (republished on October 18, 2010) and Moody's Rating
Methodology for Letter of Credit Supported Transactions published in August
As the long-term ratings on these transactions are determined in
part by the probability of default of the letter of credit provider and
the obligor, an upgrade or downgrade of the ratings of either or
both of these entities could result in a upgrade or downgrade of the transactions'
ratings. Likewise, as the default dependence between the
letter of credit provider and the obligor is another important input into
the rating, a decrease in default dependence could result in an
upgrade, and an increase could result in a downgrade.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings and public information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
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
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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
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Please see the ratings disclosure page on our website www.moodys.com
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of each rating category and the definition of default and recovery.
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service
Michael J. Loughlin
Vice President - Senior Analyst
Public Finance Group
Moody's Investors Service
Moody's Investors Service
MOODY'S CONFIRMS 74 AND DOWNGRADES 32 LONG-TERM RATINGS ON 106 JOINTLY SUPPORTED LETTER OF CREDIT-BACKED BONDS DUE TO RECENT DOWNGRADES OF U.S. REGIONAL BANKS; SHORT-TERM RATINGS DOWNGRADED ON 14 BONDS
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