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Related Issuers
Allegheny County Hospital Dev Auth, PA, Variable Rate Demand Hospital Revenue Bonds, 2000, (South Hills Health System), $15MM
Allegheny County Hospital Development Authority, PA, Variable Rate Demand Hospital Revenue Bonds (Jefferson Regional Medical
Allegheny County Hospital Development Authority, PA, Variable Rate Demand Hospital Revenue Bonds (Jefferson Regional Medical Center Project), Series 2004A, $6.740
Allegheny County Hospital Development Authority, Revenue Bonds, (University of Pittsburgh Medical Center Project) Series 2010B and 2010C, $150MM
Allegheny County Hospital Development Authority, Variable Rate Demand Revenue Bonds, (Jefferson Regional Medical Center Project), Series 2006A
Delaware Health Facilities Authority, Variable Rate Demand Revenue Bonds (Beebe Medical Center Project), Series 2002, $18MM
Delaware Health Facilities Authority, Variable Rate Demand Revenue Bonds, (Beebe Medical Center Project), Series 2005-B, $20MM
Delaware River Port Authority, Revenue Refunding Bonds, Series A, B and C of 2010, $350MM
Doylestown Hospital Authority, PA, Doylestown Hospital Revenue Bonds (Doylestown Hospital Project), Series 2008B, $75MM
Erie County Hospital Authority, PA, Variable Rate Demand Revenue Bonds (Hamot Health Foundation) Series 2008, $8.215MM
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Indiana Finance Authority, Hospital Revenue Bonds (Parkview Health System Obligated Group Project), Series 2009B, 2009C, & 2009D $223.665MM
Indiana Health Facilities Finance Authority, Adjustable Rate Hospital Revenue Bonds, (Riverview Hospital Project), Series 2004, $20.60MM
Maryland Health & Higher Educational Facilities Authority, MD, Revenue Bonds (Johns Hopkins Health System, MD Project), Serie
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds (Suburban Hospital Project), Series 2008,
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, (Howard County General Hospital Project), Series
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, (University of Maryland Medical System Project),
Northeastern Pennsylvania Hospital & Education Authority, PA, Variable Rate Demand Revenue Bonds (Danville Area School District Project), Series 2009, $7MM
Pennsylvania Higher Educational Fac Authority, Revenue Bonds, 2000F-1,2,3, (Association of Independent Colleges and Universities of Pennsylvania), $20.6MM
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Pittsburgh Water & Sewer Authority, PA, (Variable Rate Demand) First Lien Revenue Refunding Bonds, Series 2008B-1 & Series 2008B-2, $145.495MM
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South Fork Municipal Authority, PA, Variable Rate Hospital Revenue Bonds (Conemaugh Health System Project), Series 2008A
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Weirton Municipal Hospital Building Commission, WV, Adjustable Variable Rate Demand Hospital Revenue Bonds, (Weirton Medical Center, Inc. Project), Series 2001 B, $14.500MM
Westmoreland County Industrial Development Authority, Adjustable Rate Demand Health Sytem Revenue Bonds, Series 2005-A through Ser. 2005-D
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Rating Action:

Moody's has placed on Watchlist for possible downgrade the ratings of the PNC Bank, N.A.-backed letter of credit-backed transactions that utilize the joint support methodology

28 Jul 2010

New York, July 28, 2010 -- As a result of Moody's recent rating action which placed the long-term other senior obligation ratings of PNC Bank, N.A. on Watchlist for possible downgrade, Moody's has placed on Watchlist for possible downgrade the ratings of the PNC Bank, N.A.-backed letter of credit-backed transactions that utilize the joint support methodology. Please see the list of affected transactions below.

The long-term rating on these transactions reflects Moody's approach to rating jointly supported transactions and takes into account (i) the long-term other senior obligation (OSO) rating of PNC Bank, N.A. (the Bank) as letter of credit provider, (ii) the underlying rating assigned to the borrower, (iii) the structure and legal protections of the transaction, which ensures timely debt service payments to investors; and (iv) the default correlation/dependence between the letter of credit provider and the borrower. The short-term rating of the Bonds is based solely upon the short-term OSO rating of the Bank as provider of the LOC.

WHAT COULD CHANGE THE RATING--UP

Long-term: The long-term rating on the bonds could be raised if the long term other senior obligation (OSO) rating on the Bank or the long-term rating of the underlying security was upgraded, or if there is a decrease in the default correlation/dependence level between the Bank and borrower (N/A for Aaa rated transactions)

Short-term: The short-term rating on the bonds would be raised if the short-term other senior obligation (OSO) rating on the Bank was upgraded (N/A for VMIG 1)

WHAT COULD CHANGE THE RATING--DOWN

Long-Term: The long-term rating on the bonds could be lowered if the long term other senior obligation (OSO) rating on the Bank or the long-term rating of the underlying security was downgraded, or if there is an increase in the default correlation/dependence level between the Bank and borrower.

Short-term: The short-term rating on the bonds would be lowered if the short-term other senior obligation (OSO) rating on the Bank was downgraded.

Issuer Name Debt Type Series

Allegheny County Hospital Dev. Auth., PA Var. Rt. Demand Revenue Bonds Ser. 2000-A

Allegheny County Hospital Dev. Auth., PA Var. Rt. Demand Revenue Bonds Ser. 2004-A

Allegheny County Hospital Dev. Auth., PA Var. Rt. Demand Revenue Bonds Ser. 2006-A

Allegheny County Hospital Dev. Auth., PA Var Rt Hosp Rev Bonds Ser. 2008A

Allegheny County Hospital Dev. Auth., PA Revenue Bonds Ser. 2010C

Delaware Health Facilities Authority Industrial Revenue Bonds Ser. 2002

Delaware Health Facilities Authority Var. Rt. Demand Revenue Bonds Ser. 2005-B

Delaware River Port Authority, PA Revenue Refunding Bonds Ser. 2010C

Doylestown Hospital Authority, PA Revenue Bonds Ser. 2008B

Erie County Hospital Authority, PA Var. Rt. Demand Revenue Bonds Ser. 2008

Illinois Finance Authority Var. Rt. Demand Revenue Bonds Ser. 2009B

Indiana Finance Authority Var Rt Hosp Rev Bonds Ser. 2009B

Indiana Health Facilities Finance Authority Adjustable Rate Revenue Bonds Ser. 2004

Maryland Health & Higher Edl. Fac. Auth. Revenue Bonds Ser. 2008A

Maryland Health & Higher Edl. Fac. Auth. Revenue Bonds Ser. 2008

Maryland Health & Higher Edl. Fac. Auth. Revenue Bonds Ser. 2008C

Maryland Health & Higher Edl. Fac. Auth. Revenue Bonds Ser. 2008

Northeastern Pennsylvania Hosp. & Ed. Auth. Var. Rt. Demand Revenue Bonds Ser. 2009

Pennsylvania Higher Educational Facs. Auth. Revenue Bonds Ser. 2000-F2

Philadelphia School District, PA General Obligation Bonds Ser. 2008D-2

Pittsburgh Water & Sewer Authority, PA Var. Rt. Demand Revenue Bonds Ser. 2008B-2

Scranton-Lackawanna PA, Health & Welfare Auth Industrial Revenue Bonds Ser. 2002

Somerset (County of) PA Var Rt Demand Obligation Bonds Ser. 2009A

Somerset (County of) PA Var Rt Demand Obligation Bonds Ser. 2009B

Somerset (County of) PA Var Rt Demand Obligation Bonds Ser. 2009C

Somerset County Hospital Authority, PA Var. Rt. Demand Revenue Bonds Ser. 2007 A

Somerset County Hospital Authority, PA Var. Rt. Demand Revenue Bonds Ser. 2007 B

South Fork Municipal Authority, PA Var Rt Hosp Rev Bonds Ser. 2008A

Washington County Hospital Authority, PA Adj. Rt. Demand Revenue Bonds Ser. 2008A

Weirton Municipal Hosp Bldg Commission, WV Industrial Revenue Bonds Ser. 2001B

Westmoreland County I.D.A., PA Adj. Rt. Demand Revenue Bonds Ser. 2005-A

Westmoreland County I.D.A., PA Adj. Rt. Demand Revenue Bonds Ser. 2005-D

Westmoreland County I.D.A., PA Adj. Rt. Demand Revenue Bonds Ser. 2010B

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

The principal methodology used in rating this issue was Moody's Rating Methodology for applying the Joint Support Methodology to Rating Letter of Credit-Supported Bonds published in August 2005 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies sub-directory on Moody's website.

New York
Marie Formisano
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Randy Matlosz
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's has placed on Watchlist for possible downgrade the ratings of the PNC Bank, N.A.-backed letter of credit-backed transactions that utilize the joint support methodology
No Related Data.
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