info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
DIVERSITY & INCLUSION
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Albemarle County Economic Development Authority, VA, Variable Rate Hospital Revenue Bonds (Martha Jefferson Hospital Project), Series 2008A-D, $160.795MM
Blount (County of) TN, Public Building Authority, Local Government Public Improvement Bonds, Series E-1-A, $50.5MM
Blount County Public Building Authority, TN, Local Government Public Improvement Bonds, Series E-5-A & Series E-5-B, $204.7MM
Blount County Public Building Authority, TN, Local Government Public Improvement Bonds, Series E-6-A, $48.21MM
Henderson (County of) KY, Variable Rate Demand Refunding Revenue Bonds (Murray-Calloway County Public Hospital Corporation Project), Series 2002 A-1, $5.250MM
Indiana Finance Authority, Hospital Revenue Refunding Bonds, (Clarian Health Partners, Inc. Obligated Group Project), Series
Indiana Health Facility Financing Authority, IN, Revenue Bonds (Clarian Health Obligated Group Project), Series 2005C & Series 2005D, $149.975MM
Kentucky Economic Development Finance Authority, Adjustable Rate Medical Center Revenue Bonds (Ashland Hospital Corporation d/b/a King's Daughters Medical Center Project), Series 2008, $100MM
Kentucky Economic Development Finance Authority, Variable Rate Demand Hospital Revenue Bonds, (Baptist Healthcare System Obligated Group Project), Series 2009 B-1, B-2, B-3, B-4 $284.435MM
Maryland Health & Higher Educational Facilities Authority, MD, Revenue Bonds (Upper Chesapeake Hospital Project), Series 2008
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds (Frederick Memorial Hospital Project) Series 2008,
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
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds (Cape Fear Health System Project) Series 2008A-1
Orange County Health Facilities Authority, FL, Hospital Revenue Bonds (Orlando Regional Healthcare System) Series 2008D, E, F
Oxford (City of) Alabama, General Obligation Warrants, Series 2003, $5.180M
West Virginia Hospital Finance Authority, WV, Variable Rate Revenue Bonds (Charleston Area Medical Center Project), Series 2008A
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.
© 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. 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 or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​
Moodys.com