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28 Feb 2013
$287.63 million of debt to be affected. Standby bond purchase agreement provided by PNC Bank, N.A.
New York, February 28, 2013 -- Moody's Investors Service has, at the Sports & Exhibition
Authority of Pittsburgh and Allegheny County's (the Authority) request,
reviewed documents submitted to us in connection with the amendment of
the standby bond purchase agreement (SBPA) provided by PNC Bank,
N.A. (the Bank) supporting the Sports and Exhibition Authority
of Pittsburgh and Allegheny County Commonwealth Lease Revenue Bonds (Variable
Rate Demand), Series A of 2007 and Taxable Series B of 2007 (collectively,
The long term ratings of the Bonds reflect the higher of (i) the financial
strength rating of Assured Guaranty Municipal Corporation (AGMC) as the
provider of the insurance policy, and (ii) the current underlying
ratings on the Bonds. The short-term ratings reflect:
(i) the credit quality of the Bank as the SBPA provider, (ii) the
structure of the SBPA, and (iii) Moody's assessment of the
likelihood of the termination of the SBPA without a mandatory purchase
of the Bonds. Events that would cause the SBPA to terminate without
a mandatory purchase of the Bonds are directly related to the credit quality
of AGMC. Moody's currently maintains underlying ratings of
A1 on the Bonds and an insurance financial strength rating of A2 on AGMC.
The long-term and short-term other senior obligations (OSO)
of PNC Bank, N.A. are rated A2 and Prime-1,
The amendment modifies the events that would cause the SBPAs to terminate
without a mandatory purchase of the Bonds. Specifically,
it eliminates a provision of the SBPA that provides for immediate and
automatic termination of the Bank's commitment upon downgrade of
AGMC by each rating agency then rating the Bonds to below investment grade.
Upon the effectiveness of the amendment, the Bank's commitment
to purchase bonds pursuant to the SBPA will no longer terminate automatically
and immediately as a result of changes in AGMC's rating.
As of the effective date of the amendment, Moody's expects
to upgrade the Bonds' short-term ratings to VMIG 1 and will
transition the short-term ratings as AGMC's rating changes
on a schedule parallel to that on which ratings of unsecured short-term
obligations of a corporation or financial institution transition relative
to its long-term rating.
Any change in (i) the Bank's short-term OSO rating, or (b)
AGMC's financial strength rating, would result in a reevaluation
of the short-term ratings of the Bonds.
Moody's will publish a more detailed rating update report on the effective
date of the amendment.
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
VP - Senior Credit Officer
Public Finance Group
Moody's reviews short-term ratings of Sports and Exhibition Authority of Pittsburgh and Allegheny County Commonwealth Lease Revenue Bonds Series 2007 A and B; rating actions expected in connection with the amendment of the SBPA
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
No Related Data.
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