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Rating Update:

MOODY'S UPGRADES TO Aa1 FROM A1 THE LONG TERM LETTER OF CREDIT BACKED RATING OF THE COUNTY OF WESTCHESTER IND. DEV. AGENCY VRD CIVIC FACILITY REVENUE BONDS (THE MASTERS SCHOOL CIVIC FACILITY) SERIES 2002. SHORT TERM VMIG 1 RATING IS AFFIRMED.

18 Nov 2010

$ 15,205,000 OF DEBT AFFECTED. RATING BASED ON AN IRREVOCABLE DIRECT PAY LETTER OF CREDIT PROVIDED BY JPMORGAN CHASE BANK, N.A.

Westchester County I.D.A., NY
Fully Supported
NY

Opinion

NEW YORK, Nov 18, 2010 -- Moody's Investors Service has upgraded to Aa1 from A1 (on watch for possible downgrade) the letter of credit backed long term rating of the County of Westchester Industrial Development Agency Variable Rate Demand Civic Facility Revenue Bonds (The Masters School Civic Facility) Series 2002 (the Bonds) and affirmed the short term VMIG 1 ratings in conjunction with the substitution of the current letter of credit provided by Allied Irish Banks p.l.c. with a letter of credit provided by JPMorgan Chase Bank, N.A. (the Bank). The substitution is scheduled for November 18, 2010.

RATINGS RATIONALE

The rating is based on the irrevocable direct-pay letter of credit provided by the Bank; the structure and legal protections of the transaction; and Moody's evaluation of the creditworthiness of the Bank which ensure timely payment of debt service and purchase price to bondholders.

Moody's currently rates the Bank Aa1 for long-term obligations and Prime-1 for short-term obligations.

Interest Rate Modes and Payment Dates

The Bonds will continue bear to interest in a weekly rate mode and interest will be paid on the first Thursday of each month. The trust indenture permits conversion, in whole, of the interest rate on the Bonds to the term rate mode. The Bonds will be subject to mandatory tender upon the conversion of interest rate mode. Moody's rating shall apply to the Bonds only while they bear interest in the weekly interest rate mode.

Additional Bonds

The trust indenture does not permit the issuance of additional Bonds.

Flow of Funds

The trustee is instructed to draw on the letter of credit by 4:00 p.m., Eastern Time, on the business day prior to any principal or interest payment date so as to have moneys sufficient for the payment in full available by 11:00 a.m., Eastern Time on the date such payment is due.

The trustee is instructed to draw on the letter of credit by 4:00 p.m., Eastern Time, on the business day prior to any purchase date so as to have moneys sufficient for the payment in full available on the date such payment is due.

Bonds which are purchased by the Bank are held by the trustee and will be released contemporaneously with the reinstatement of the letter of credit.

The Direct Pay Letter of Credit

The letter of credit is sized for full principal plus 45 days of interest at the maximum rate applicable to the Bonds, 12 %, and will provide coverage for the Bonds while they bear interest at the weekly interest rate mode. The letter of credit provided by the Bank is subject to the International Standby Practice, International Chamber of Commerce Publication No. 590 ("ISP").

Draws on the Letter of Credit

Conforming draws for principal and/or interest presented to the Bank prior to 4:00 p.m., Eastern Time, on a business day, will be honored by the Bank by 11:00 a.m., Eastern Time, on the on the next business day. Conforming draws for purchase price presented to the Bank by 12:00 p.m., Eastern Time, on a business day, will be honored by the Bank by 2:00 p.m., Eastern Time, on the same business day.

Reinstatement of Interest Draws

Draws made under the letter of credit for interest shall be reinstated automatically at the close of business on the date any interest drawing is honored.

Reimbursement Agreement Defaults

The Bank may send written notice to the trustee stating that an event of default under the reimbursement agreement has occurred, and direct the trustee to either accelerate the maturity of the Bonds or to cause a mandatory tender. Upon receipt of such notice with direction to accelerate, the trustee shall declare the Bonds to be immediately due and payable. The trustee shall immediately draw on the letter of credit. Interest on the bonds shall cease to accrue upon such declaration of acceleration. Upon receipt of notice to cause a mandatory tender, the trustee shall purchase the bonds no later than 20 days following the date of trustee's receipt of such notice, at a purchase price equal to principal plus accrued interest.

Trust Indenture Events of Default Related to Payment

Pursuant to the indenture of trust, nonpayment of principal, interest, or purchase price will result in the acceleration of the Bonds. If the Bonds are accelerated, the trustee shall immediately draw on the letter of credit and interest on the Bonds shall cease to accrue upon the declaration of such acceleration.

Expiration/Termination of the Letter of Credit

The letter of credit shall expire upon the earliest of the following to occur: (i) the honoring of the final drawing available under the letter of credit; (ii) the Bank's receipt of written notice from the trustee that on a date at least one business day prior to the Bank's receipt of such notice; (a) no bonds will remain outstanding, (b) trustee has received an alternate letter of credit , or (c) all the Bonds have been converted to an interest rate mode other than the weekly mode; or (iii) November 17, 2015, the stated expiration date.

Substitution

The Bonds will be subject to mandatory tender on the business day prior to the substitution of the letter of credit unless the trustee receives confirmation from the rating agency that the rating on the Bonds will not be reduced or withdrawn as a result of the substitution of the letter of credit. Draws for purchase price upon the substitution of the letter of credit will be made under the existing letter of credit.

Optional Tenders

Bondholders may, at their option, tender their Bonds on any business day while they bear interest in the weekly rate mode by delivering irrevocable written notice to the trustee and to the remarketing agent on any business day with at least seven days prior notice.

Mandatory Tenders

The Bonds are subject to mandatory tender upon the following: (i) on the date of the conversion of interest rate mode; (ii) on the interest payment date prior to the expiration date of the letter of credit; (iii) No later than 20 days following trustee's receipt of notice of an event of default under the reimbursement agreement with direction to call a mandatory tender of the Bonds; or (iv) on the business day prior to the substitution of the letter of credit unless rating confirmation is received.

Mandatory Redemptions

The Bonds are subject to mandatory redemption upon the following: (i) receipt of excess proceeds; and (ii) within 30 days of the trustee's receipt of notice of an event of taxability.

KEY CONTACTS

Underwriter: Roosevelt & Cross, Incorporated

Trustee: U.S. Bank National Association

The principal methodology used in rating this issue was Moody's Rating Methodology for Letter of Credit Supported Transactions rating methodology published in August 2005. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on Moody's website.

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.

Analysts

Josephine Castro
Analyst
Public Finance Group
Moody's Investors Service

Joann Hempel
Senior Credit Officer
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

MOODY'S UPGRADES TO Aa1 FROM A1 THE LONG TERM LETTER OF CREDIT BACKED RATING OF THE COUNTY OF WESTCHESTER IND. DEV. AGENCY VRD CIVIC FACILITY REVENUE BONDS (THE MASTERS SCHOOL CIVIC FACILITY) SERIES 2002. SHORT TERM VMIG 1 RATING IS AFFIRMED.
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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