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Related Research
Rating Action:

Moody's publishes ratings and history of notes issued by four CAPCOs

25 Mar 2011

New York, March 25, 2011 -- Moody's Investors Service ("Moody's") announced today that it has taken action on, and published the ratings of, the following debt tranches issued by four certified capital companies, commonly referred to as "CAPCOs":

Issuer: Advantage Capital Alabama Partners I, L.P.

US$ 8,169,154.35 Guaranteed Notes due 2019; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

Issuer: Texas ACP I, L.P.

US$ 9,753,684 Guaranteed Notes due 2020; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

Issuer: Advantage Capital D.C. Partners I, L.LC.

US$ 2,928,997 Guaranteed Notes, Series A, due 2020; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

US$ 3,874,428 Guaranteed Notes, Series B, due 2019; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

Issuer: Advantage Capital Partners XI, Limited Partnership

US$ 4,313,115 Guaranteed Notes due 2017; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

US$ 3,981,455 Guaranteed Notes, Series B, due 2018; upgraded to Aaa, previously on November 12, 2009 confirmed at Aa3

RATINGS RATIONALE

Moody's ratings of these CAPCO debt issuances had inadvertently not been previously published on moodys.com. All four of the transactions are wrapped by Assured Guaranty Municipal Corporation, previously Financial Security Assurance, Inc. ("FSA"). Moody's initial ratings of these transactions passed through the Aaa rating of FSA, which was current at the time of each transaction's issuance.

FSA's rating was placed on watch for possible downgrade on July 21, 2008 and the notes for all four transactions were similarly placed on watch for possible downgrade at that time. With FSA's downgrade to Aa3 on November 21, 2008, Moody's downgraded the ratings on the notes for the four transactions to Aa3. All of the notes were placed on watch for possible downgrade again on May 20, 2009 when FSA's rating was similarly put on watch. Moody's confirmed the Aa3 insurance financial strength rating of Assured Guaranty Municipal Corp., as the successor to FSA, on November 12, 2009 and thus also confirmed the ratings on all the notes at that time.

Underlying ratings based on the credit quality of these debt issuances (absent consideration of the financial guaranty) for all four of these CAPCO transactions have also not been previously published. Moody's said the rating actions today reflect the implementation to the underlying ratings of the methodology described in "Moody's Methodology for Rating Debt Issuances of Certified Capital Companies" (the "Updated CAPCO Methodology"), by which Moody's provides ratings on CAPCO debt issuances independent of credit support provided by third parties, such as financial guarantors. As a result, Moody's is assigning the underlying ratings noted in these ratings actions. Consistent with Moody's policy for securities wrapped by a financial guarantor of publishing the higher of the guarantor's rating and the current underlying rating, the underlying rating will now be the published rating.

Under the Updated CAPCO Methodology, the rating actions reflect that all four transactions have met their final statutory investment benchmarks for making investments in businesses which qualify for the allocation of premium tax credits under each of their applicable CAPCO statutes. As a result, the tax credits allocated to each CAPCO under its respective statute are beyond forfeiture and recapture. Each CAPCO's remaining obligations to make payments in cash, if any, are supported by the CAPCO's assets.

The ratings history for each of the note issuances in these transactions is as follows:

Issuer and Notes: Advantage Capital Alabama Partners I, L.P., US$ 8,169,154.35 Guaranteed Notes due 2019

Assigned Aaa on February 5, 2004; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

Issuer and notes: Texas ACP I, L.P., US$ 9,753,684 Guaranteed Notes due 2020;

Assigned Aaa on June 22, 2005; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

Issuer and notes: Advantage Capital D.C. Partners I, L.LC., US$ 2,928,997 Guaranteed Notes, Series A, due 2020

Assigned Aaa on November 19, 2004; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

Issuer and notes: Advantage Capital D.C. Partners I, L.LC., US$ 3,874,428 Guaranteed Notes, Series B, due 2019

Assigned Aaa on November 19, 2004; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

Issuer and notes: Advantage Capital Partners XI, Limited Partnership, US$ 4,313,115 Guaranteed Notes due 2017

Assigned Aaa on October 16, 2002; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

Issuer and notes: Advantage Capital Partners XI, Limited Partnership, US$ 3,981,455 Guaranteed Notes, Series B, due 2018

Assigned Aaa on October 16, 2003; placed on watch for possible downgrade on July 21, 2008; downgraded to Aa3 on November 21, 2008; placed on watch for possible downgrade on May 20, 2009; rating confirmed on November 12, 2009

Financial guarantor: Assured Guaranty Municipal Corporation, formerly Financial Security Assurance, Inc.: Aa3; previously on November 21, 2008 downgraded to Aa3 from Aaa

Underlying rating: assigned Aaa

The principal methodology used in these ratings was Moody's Methodology for Rating Debt Issuances of Certified Capital Companies published in August 2009.

Other methodologies and factors that may have been considered in the process of rating these issues can also be found in the Credit Policy & Methodologies directory. Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Moody's will continue monitoring these ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings.

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
Ruth Olson
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Rodrigo Araya
Senior Vice President
Structured 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 publishes ratings and history of notes issued by four CAPCOs
No Related Data.
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