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Related Issuers
Arizona Sports & Tourism Authority, Senior Variable Rate Demand Revenue Refunding Bonds (Multipurpose Stadium Facility Projec
Cleveland (City of) OH, Water Revenue Bonds, Series 2009 R&S, $140MM
Harris County Cultural Education Facilities Finance Corporation, TX, Revenue Bonds (YMCA Greater Houston Area Project), Serie
Minnesota Higher Education Facilities Authority, Variable Rate Demand Revenue Bonds (The College of Saint Catherine), Series Five-N2, $24.625MM
New York (City of), NY, General Obligation Multi-Modal Bonds Fiscal 2008, Subseries J-3, J-6, J-7, J-8, $461.225MM
New York City Industrial Development Agy, NY, Variable Rate Civic Facility Revenue Bonds, (American Society for Technion Project), Series 2003, $13.165MM
Ohio Higher Educational Facility Commission, Revenue Bonds, (Case Western Reserve University Project), Series 2008A and Serie
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, (Drexel University Project), Series 2003-B, $23MM
Sevier County Public Building Authority, TN, Local Government Public Improvement Bonds Series VII-B-1 and Series VII-B-2 $92.245MM
Sevier County Public Building Authority, TN, Local Government Public Improvement Bonds, Series VII-C-1 & Series VII-C-2 $39.14MM
South Berwick (Town of), ME, Educational Revenue Bonds, 2000, (Berwick Academy Issue), $6MM
St. Paul Housing & Redevelopment Authority, MN, Variable Rate Demand Revenue Bonds (Minnesota Public Radio Project), Series 2005, $10MM
Washington Health Care Facilities Authority, Variable Rate Revenue Bonds, (Southwest Washington Medical Center Project), Series 2008A
Rating Action:

MOODY'S DOWNGRADES LONG-TERM JOINT DEFAULT RATINGS ON 8 TRANSACTIONS SUPPORTED BY ALLIED IRISH BANKS PLC LETTERS OF CREDIT AND DOWNGRADES SHORT-TERM RATINGS ON 14 TRANSACTIONS; LONG-TERM RATINGS REMAIN ON WATCH FOR DOWNGRADE

22 Dec 2010

New York, December 22, 2010 -- Moody's Investors Service has downgraded the long-term joint default ratings on 8 transactions supported by Allied Irish Banks plc ("AIB") letters of credits ("LOCs") rated based on a joint default analysis ("JDA") and downgraded the short-term ratings to VMIG 3 from VMIG 1 (on watch for downgrade) on 14 transactions. The long-term JDA ratings have been downgraded by 1 notch on 4 series of bonds; by 3 notches on 1 series of bonds; by 4 notches on 2 series of bonds; and by 5 notches on 1 series of bonds. All of these, plus 4 other series whose long-term ratings have not changed, will remain on review for possible further downgrade of the long-term rating. The long-term rating will be confirmed for one transaction.

RATING RATIONALE

The rating actions on the series of bonds listed below are in connection with the December 20, 2010 downgrade of AIB's long-term and short-term deposit rating to Baa3/P-3 from A1(on watch for downgrade)/P-1 (on watch for downgrade). As a result of the downgrade of AIB's long-term deposit rating by 5 notches and the short-term deposit rating by 2 notches, Moody's has reviewed the ratings on jointly supported letter of credit backed transactions supported by AIB letters of credit. The long-term JDA rating on these bonds reflects Moody's approach to rating jointly supported transactions and takes into account (i) the long-term bank deposit rating of AIB as letter of credit provider, (ii) the underlying rating assigned to the bonds, (iii) the structure and legal protections of the transaction, which ensures timely debt service payments to investors; and (iv) the default dependence between AIB and the borrower.

The long-term joint default ratings will remain on watch for 13 of the debt series, so that Moody's can assess whether preference risk (i.e. the risk that payments made to bondholders by AIB under the LOCs may be subject to recovery under applicable law upon the insolvency of AIB) exists for these transactions. The new long-term JDA ratings assume that preference risk does not exist, i.e. the recovery of LOC payments from bondholders is not permissible under the applicable law. However, if upon further review we determine that preference risk is in fact an issue for AIB, we may lower the long-term JDA ratings further. The lowest that the ratings could drop would be to Baa3, which is the long-term deposit rating of AIB.

Preference risk is not a concern, and the long-term rating will be confirmed, with respect to the New York (City of) General Obligation Bonds, Fiscal 2008 Subseries J-8 bonds listed below, because New York City is the first source of payment in the transaction. Therefore, AIB would only pay principal and interest if the City failed to make a payment. In the other transactions, bank funds are the first source of payment.

For further discussion of bank preference risk in letter of credit backed debt, please refer to the JDA methodology published in October 2010 cited at the end of this press release.

The short-term rating of the Bonds is based solely upon the short-term bank deposit rating of AIB (P-1) as provider of the letters of credit. Therefore the downgrade of AIB's short-term deposit rating to P-3 from P-1 (on watch for downgrade) results in the short-term rating of the bonds listed below being downgraded to VMIG 3 from VMIG 1 (on watch for downgrade).

The rating actions do not reflect any change in our opinion of the obligors' credit quality, or of the default dependence between the obligors and AIB.

Debt Affected and Rating Actions

Arizona Sports and Tourism Authority Senior Variable Rate Demand Revenue Refunding Bonds (Multipurpose Stadium Facility Project) Series 2008; to Aa2 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Cleveland (City of), Ohio Water Revenue Bonds, Series 2009 S; to Aa1 (on watch for downgrade)/VMIG 3 from Aa1 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Harris Cultural Education Facilities Finance Corporation Revenue Bonds (Young Men's Christian Association of the Greater Houston Area) Series 2008B; to Baa1 (on watch for downgrade)/VMIG 3 from Aa3 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Minnesota Higher Education Facilities Authority Variable Rate Demand Revenue Bonds, Series Five-N2 (The College of St. Catherine); to A2 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

New York (City of) General Obligation Bonds, Fiscal 2008 Subseries J-8; to Aa1/VMIG 3 from Aa1 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

New York City Industrial Development Agency Variable Rate Civic Facility Revenue Bonds, Series 2003; to Baa1 (on watch for downgrade)/VMIG 3 from Aa3 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Ohio Higher Educational Facility Commission Revenue Bonds (Case Western Reserve University) Series 2008A; to Aa2 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Pennsylvania Higher Educational Facilities Authority Drexel University Multi-Modal Revenue Bonds, Series 2003B; to Aa3 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Public Building Authority of Sevier County, Tennessee Local Government Public Improvement Bonds, Series VII-B-2 (Cumberland county); to Aa2 (on watch for downgrade)/VMIG 3 from Aa1 (on watch for downgrade)/VMIG 1(on watch for downgrade);

Public Building Authority of Sevier County, Tennessee Local Government Public Improvement Bonds, Series VII-C-2 (Hamblen county); to Aa2 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Public Building Authority of Sevier County, Tennessee Local Government Public Improvement Bonds Series VII-B-1; to Aa1 (on watch for downgrade)/VMIG 3 from Aa1 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

St. Paul Housing & Redevelopment Auth., MN Variable Rate Demand Revenue Bonds (Minnesota Public Radio Project), Series 2005; to Aa3 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

South Berwick (Town of), Maine Education Revenue Bonds (Berwick Academy Issue) Series 2000; to Baa2 (on watch for downgrade)/VMIG 3 from Aa3 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

Washington Health Care Facilities Authority Variable Rate Revenue Bonds, Series 2008A (Southwest Washington Medical Center); to Aa3 (on watch for downgrade)/VMIG 3 from Aa2 (on watch for downgrade)/VMIG 1 (on watch for downgrade);

What Could Change the Rating-Up

Long-term: The long-term rating on the bonds could be raised if the long term bank deposit rating on AIB or the long-term rating of the underlying bonds was upgraded.

Short-term: The short-term rating on the bonds could be raised if the long term bank deposit rating on AIB was upgraded.

What Could Change the Rating-Down

Long-Term: The long-term rating on the bonds could be lowered if the long term bank deposit rating on AIB or the long-term rating of the underlying bonds was downgraded.

Short-term: The short-term rating on the bonds could be lowered if the short-term deposit rating on AIB was downgraded.

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

Methodology

The principal methodologies used in rating this issue was Moody's Rating methodology for Letter of Credit Supported Transactions were published in August 2005 and Applying Global Joint Default Analysis to Letter of Credit Backed Transactions in the U.S. Public Finance Sector published on October 2010.

REGULATORY DISCLOSURES

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 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
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Naomi Richman
Senior Vice President - Team Leader
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 LONG-TERM JOINT DEFAULT RATINGS ON 8 TRANSACTIONS SUPPORTED BY ALLIED IRISH BANKS PLC LETTERS OF CREDIT AND DOWNGRADES SHORT-TERM RATINGS ON 14 TRANSACTIONS; LONG-TERM RATINGS REMAIN ON WATCH FOR DOWNGRADE
No Related Data.
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