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Rating Action:

Moody's assigns Aa3 LOC-backed rating to RBC Municipal Products, Trust Receipts Series 2013-E46

Global Credit Research - 27 Aug 2013

$400 million in receipts affected.

New York, August 27, 2013 --

Moody's Rating

Issue: Ser. 2013-E46 CR; Rating: Aa3; Sale Amount: $400,000,000; Expected Sale Date: 8/28/13; Rating Description: Custodial Receipts

Opinion

Moody's Investors Service has assigned the rating of Aa3 to RBC Municipal Products, LLC., Custodial Receipts Series 2013-E46 (the "Receipts") Relating to Puerto Rico Highways and Transportation Authority Special Revenue Bonds, 2013A Bond Anticipation Notes.

WHAT COULD CHANGE THE RATING-UP

The rating on the Receipts could be raised if Moody's were to upgrade the long-term senior unsecured rating of the Bank.

WHAT COULD CHANGE THE RATING-DOWN

The rating on the Receipts would be downgraded if Moody's were to downgrade the long-term senior unsecured rating of the Bank.

The methodologies used in this rating were Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts published in March 2013 and Moody's Approach to Rating Tender Option Bond Programs published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Michael J Loughlin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns Aa3 LOC-backed rating to RBC Municipal Products, Trust Receipts Series 2013-E46
No Related Data.

 

© 2014 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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