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Related Issuers
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North Carolina Medical Care Commision, Health Care Facilities Revenue Bonds (University Health Systems of Eastern Carolina Project), Series 2008B-1 and 2008B-2, $123.85MM
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Rating Action:

Moody's downgrades 16 and confirms 7 long-term ratings on transactions supported by Branch Banking and Trust Company LOCs : Rating changes affect 15 distinct obligors in various municipal sectors

22 Dec 2010

New York, December 22, 2010 -- Moody's Investors Service has downgraded 16 confirmed 7 long-term ratings for transactions supported by Branch Banking and Trust Company letters of credit that utilize a joint default analysis ("JDA"). Please see list of affected transactions below.

RATINGS RATIONALE

The rating actions are in connection with the December 20, 2010 downgrade of the long-term Other Senior Obligations (OSO) rating of Branch Banking and Trust Company to A1 from Aa3 (on watch for downgrade). As a result of the rating action for Branch Banking and Trust Company, Moody's has reviewed the ratings on jointly supported letter of credit backed transactions supported by Branch Banking and Trust Company letters of credit. The long-term JDA rating on these transactions reflects Moody's approach to rating jointly supported transactions and takes into account (i) the long-term rating of Branch Banking and Trust Company (the Bank) 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 the Bank and the borrower. The short-term rating of the Bonds is based solely upon the short-term rating of Branch Banking and Trust Company (P-1) as provider of the letters of credit. The downgrades/confirmations do not affect the underlying ratings of the affected transactions' obligors and they do not reflect the rating agency's opinion of the obligors' credit quality or the default dependence between Branch Banking and Trust Company and the applicable borrower.

Debt Affected and Rating Actions:

Albemarle County Economic Development Authority, VA, Variable Rate Hospital Revenue Bonds (Martha Jefferson Hospital, VA) Series. 2008A; rating to Aa2 from Aa1 (on watch for possible downgrade);

Albemarle County Economic Dev. Authority, VA, Variable Rate Hospital Revenue Bonds (Martha Jefferson Hospital, VA) Series 2008B; rating to Aa2 from Aa1 (on watch for possible downgrade);

Blount County Public Building Authority, TN Local Government Public Improvement Bonds Series E-1-A; rating to Aa1 from Aa1 (on watch for possible downgrade);

Blount County Public Building Authority, TN Local Government Public Improvement Bonds Series E-5-A; rating to Aa1 from Aa1 (on watch for possible downgrade);

Blount County Public Building Authority, TN Local Government Public Improvement Bonds Series E-5-B; rating to Aa2 from Aa3 (on watch for possible downgrade);

Blount County Public Building Authority, TN, Local Government Public Improvement Bonds (Bradley (County of) TN) Series E-6-A;; rating to Aa1 from Aa1 (on watch for possible downgrade);

Henderson (County of) KY, Variable Rate Demand Revenue Bonds (Murray-Calloway Co. Pub. Hospital Corp., KY) Ser. 2002 A-1; rating to Aa2 from Aa1 (on watch for possible downgrade);

Indiana Finance Authority, Variable Rate Hosp Rev Bonds (Clarian Health Partners, IN) Series 2008A; rating to Aa2 from Aa1 (on watch for possible downgrade);

Indiana Health Facility Financing Authority, Revenue Bonds (Clarian Health Partners, IN) Ser. 2005C; rating to Aa2 from Aa1 (on watch for possible downgrade);

Indiana Health Facility Financing Authority, Revenue Bonds (Clarian Health Partners, IN) Ser. 2005D; rating to Aa2 from Aa1 (on watch for possible downgrade);

Kentucky Economic Development Finance Authority, Adjustable Rate Revenue Bonds (King's Daughters' Medical Center, KY) Ser. 2008A; rating to Aa2 from Aa1 (on watch for possible downgrade);

Kentucky Economic Development Finance Authority, Adjustable Rate Revenue Bonds (King's Daughters' Medical Center, KY) Series 2008 B; rating to Aa2 from Aa1 (on watch for possible downgrade);

Kentucky Economic Development Finance Auth., Variable Rate Hospital Revenue Bonds (Baptist Healthcare System Obligated Group, KY) Series 2009B-3; rating to Aa1 from Aa1 (on watch for possible downgrade);

Kentucky Economic Development Finance Auth., Variable Rate Hospital Revenue Bonds (Baptist Healthcare System Obligated Group, KY) Series 2009B-4; rating to Aa1 from Aa1 (on watch for possible downgrade);

Maryland Health & Higher Edl. Fac. Authority, Revenue Bonds (Frederick Memorial Hospital, Inc., MD) Series 2008; rating to Aa2 from Aa1 (on watch for possible downgrade);

Maryland Health & Higher Educational Facility Authority, Revenue Bonds (Upper Chesapeake Hospital) Ser. 2008B; rating to Aa3 from Aa3 (on watch for possible downgrade);

North Carolina Medical Care Commission, Variable Rate Health Facility Revenue Bonds (University Health Systems of E. Carolina, NC) Series 2008B-1; rating to Aa2 from Aa1 (on watch for possible downgrade);

North Carolina Medical Care Commission, Variable Rate Health Facility Revenue Bonds (University Health Systems of E. Carolina, NC) Series 2008B-2; rating to Aa2 from Aa1 (on watch for possible downgrade);

North Carolina Medical Care Commission, Variable Rate Health Facility Rev Bonds (Cumberland County Hospital System, Inc., NC) Ser. 2008A-1; rating to Aa2 from Aa1 (on watch for possible downgrade);

North Carolina Medical Care Commission, Variable Rate Health Facility Revenue Bonds (Cumberland County Hospital System, Inc., NC) Series 2008A-2; rating to Aa2 from Aa1 (on watch for possible downgrade);

Orange County Health Facilities Authority, FL, Variable Rate Hospital Revenue Bonds (Orlando Regional Healthcare System, FL) Ser. 2008E; rating to Aa2 from Aa1 (on watch for possible downgrade);

Oxford (City of) AL General Obligation Notes Ser. 2003; rating to Aa1 from Aa1 (on watch for possible downgrade);

West Virginia Hospital Finance Authority, Variable Rate Revenue Bonds (Charleston Area Medical Center) Ser. 2008A; rating to Aa2 from Aa1 (on watch for possible downgrade);

What Could Change the Rating-Up

Long-term: The long-term rating on the bonds could be raised if the long term OSO rating on the Bank or the long-term rating of the underlying bonds was upgraded or there was a decrease in the default dependence between the applicable borrower and Bank.

Short-term: N/A

What Could Change the Rating-Down

Long-Term: The long-term rating on the bonds could be lowered if the long term OSO rating on Branch Banking and Trust Company or the long-term rating of the underlying bonds was downgraded or there was in increase in the default dependence between the applicable borrower and Bank..

Short-term: The short-term rating on the bonds could be lowered if the short-term OSO rating on the Bank 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
Michael J. Loughlin
Vice President - Senior Analyst
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 16 and confirms 7 long-term ratings on transactions supported by Branch Banking and Trust Company LOCs : Rating changes affect 15 distinct obligors in various municipal sectors
No Related Data.
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