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Rating Action:

MOODY'S DOWNGRADES 58 US MUNICIPAL TRANSACTIONS SUPPORTED BY ALLIED IRISH BANKS PLC LETTERS OF CREDIT

Global Credit Research - 18 Apr 2011

$935 MILLION IN DEBT AFFECTED

New York, April 18, 2011 -- Moody's Investors Service has downgraded its ratings on 58 US municipal deals supported by Allied Irish Banks plc. ("AIB") letters of credit (LOCs). The downgrades include 12 ratings to Ba3 from Baa3; 41 downgrades to Ba3/SG from Baa3/VMIG 3; one downgrade of a commercial paper transaction to NP from P-3; and four downgrades of short-term ratings on jointly supported transactions to SG from VMIG 3. The SG (speculative grade) rating for variable rate demand bonds corresponds to the short-term rating of NP (not prime).The long-term ratings on the four jointly supported transactions remain on review for possible downgrade. Please use the link below to access a list of affected transactions.

http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM132707

SUMMARY RATING RATIONALE

The rating actions are based on two factors: (1) Moody's decision to utilize the LOC provider's issuer ratings (or, if issuer ratings are not available, senior unsecured debt ratings), as the reference rating for letter of credit transactions supported by banks located outside the United States, when issuer and senior unsecured debt ratings diverge from deposit ratings; and (2) today's downgrade of AIB's long-term senior unsecured debt ratings to Ba3 from Ba2, and long-term and short-term deposit ratings to Ba2 from Baa3 and to NP from P-3, respectively. Additional information on the reference rating for LOCs provided by non-US banks may be found in Moody's Special Comment titled, "U.S. Public Finance Ratings Supported by Letter of Credit Banks Located Outside the United States to Track Support Providers' Issuer Ratings or Senior Unsecured Debt Ratings" dated April 18, 2011.

For the 54 transactions rated solely based on the rating of AIB (see Section 1 of attached spreadsheet), we are taking the following rating actions: downgrading the long-term ratings on 12 transactions to Ba3 from Baa3; downgrading the ratings on 41 transactions to Ba3/SG from Baa3/VMIG 3; and for the one commercial paper transaction, downgrading the rating to NP from P-3. The rating on these transactions continue to be based upon the letters of credit provided by AIB and the structural and legal protections of the transaction which ensure timely debt service and purchase price payments to bondholders.

In addition, the long-term ratings on four transactions (see Section 2 of attached spreadsheet) continue to be based on a joint default analysis (JDA) reflecting the obligation of both AIB and the obligor to make timely payment of principal and interest . Moody's will now incorporate AIB's long-term senior unsecured rating (Ba3) into our joint default analysis. The JDA ratings are based upon the long-term senior unsecured rating of AIB as provider of the letter of credit; the long-term rating of the obligor, the default dependence between AIB and the applicable obligor, and the structure and legal protections of the transaction.

The incorporation of AIB's senior unsecured long-term rating of Ba3 into the joint default analysis does not affect these long-term JDA ratings. However, these ratings remain on review for downgrade based on Moody's ongoing assessment of preference risk (i.e. the risk that payments made to bondholders by AIB under the LOCs could be subject to recovery as preferential payments upon the insolvency of AIB). The short-term ratings on these four transactions are solely based on the senior unsecured short-term rating of AIB and have been downgraded to SG from VMIG 3.

WHAT COULD MAKE THE RATINGS GO UP

Long-term: The long-term ratings on the bonds could be raised if the long term senior unsecured rating on AIB were upgraded. For transactions based on a joint default analysis, the ratings could also be raised if the long-term rating of the underlying bonds were upgraded or if the default dependence between AIB and the applicable obligor decreased.

Short-term: The short-term ratings on the bonds could be raised if the short-term senior unsecured rating on AIB were upgraded.

WHAT COULD MAKE THE RATINGS GO DOWN

Long-Term: The long-term ratings on the bonds could be lowered if the long term senior unsecured rating on AIB were downgraded. For transactions based on a joint default analysis, the ratings could also be lowered if the long-term rating of the underlying bonds were downgraded or the default dependence between the obligor and AIB increased.

Short-term: Not applicable.

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

PRINCIPAL METHODOLOGIES USED

The principal methodologies used in rating this issue were Moody's Methodology for Rating U.S. Public Finance Transactions Based on the Credit Substitution Approach published in August 2009 and for those transactions rated based on a joint default analysis, Applying Global Joint Default Analysis to Letter of Credit Backed Transactions in the U.S. Public Finance Sector published on October 2010.

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.

New York
Robert Azrin
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Naomi Richman
Managing Director
Public 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
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S DOWNGRADES 58 US MUNICIPAL TRANSACTIONS SUPPORTED BY ALLIED IRISH BANKS PLC LETTERS OF CREDIT
No Related Data.
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