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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.
© 2018 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

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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 the Moody’s 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.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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