New York, April 06, 2021 -- Moody's Investors Service (Moody's) has placed the Aa2 long-term
ratings of the below bonds on review for downgrade. Moody's reviewed
the ratings of the bonds following Moody's rating action of U.S.
Bank National Association (the Bank) on March 16, 2021. At
such time Moody's placed the Bank's long-term Counterparty
Risk (CR) Assessment under review for downgrade. For more information
on such rating action please see the press release published on such date.
The short-term ratings assigned to the applicable bonds remain
unchanged.
Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL443535
for the List of Affected Credit Ratings. This list is an integral
part of this Press Release and identifies each affected issuer.
• ABAG Finance Authority for Nonprofit Corporation, CA,
Revenue Bonds, (Pathways Home Health and Hospice Project),
Series 2004
• California Health Facilities Financing Auth., Insured
Variable Rate Hospital Revenue Bonds, 1998B (Adventist Health System/West)
• California Statewide Communities Development Authority, Multifamily
Housing Revenue Bonds (Birchcrest Apartments Project), Series 2001S
• California Statewide Communities Development Authority, CA,
Variable Rate Revenue Refunding Bonds (Sweep Loan Program Project),
Series 2007A
• Columbus Regional Airport Authority, Capital Regional Airport
Authority Capital Funding Revenue Bonds (OASBO Expanded Asset Pooled Financing
Program), (Ohio Association of School Business Officials Project),
Senior Series 2005
• Columbus Regional Airport Authority, OH, Capital Regional
Airport Authority Funding Revenue Bonds (Ohio Association of School Business
Officials Project), Senior Series 2004-A
• Columbus Regional Airport Authority, Capital Funding Revenue
Bonds, (OASBO Expanded Asset Pooled Financing Program), Senior
Series 2006
• Columbus Regional Airport Authority, OH, Capital Regional
Airport Authority Capital Fundings Revenue Bonds (The Ohio Municipal Board
Pooled Financing Program), Series 2004-A
• Cook (County of) IL, Adjustable Rate Demand Revenue Bonds,
Series 2005 (Catholic Theological Union Project)
• Fort Collins (City of) CO, Variable Rate Economic Development
Revenue Bonds (Residence at Oakridge Project), Series 2001A
• Greene County Development Authority, GA, Taxable Industrial
Development Revenue Bonds, 2000A (Reynolds Lodges, L.L.C.
Project)
• Greene County Development Authority, GA, Taxable Industrial
Development Revenue Bonds, 2000B, (Reynolds Lodges,
L.L.C. Project)
• Hamilton (County of) OH, Variable Rate Demand Health Care
Facilities Revenue Bonds (Children's Home of Cincinnati (The) Project),
Series 2008
• Hamilton (County of) OH, Variable Rate Demand Health Care
Facilities Revenue Bonds (Children's Home of Cincinnati (The) Project),
Series 2009
• HP LRHS Land Development, Taxable Economic Development Revenue
Bonds, Series 2010
• Illinois Development Finance Authority, Adjustable Rate Demand
Revenue Bonds (Uhlich Childrens Home Project), Series 2002
• Illinois Finance Authority, Adjustable Rate Demand Revenue
Bonds (Uhlich Children's Advantage Network Project), Series 2006
• Indiana Municipal Power Agency, Variable Rate Demand Power
Supply System Refunding Revenue Bonds, 2019 Series B
• Irvine (City of) CA, Reassessment District No. 05-21,
Limited Obligation Improvement Bonds, Adjustable Rate Series A
• Irvine Assessment District No. 03-19, CA,
Limited Obligation Improvement Bonds, Adjustable Rate Series A
• Irvine Assessment District No. 03-19, CA,
Limited Obligation Improvements Bonds, Adjustable Rate Series B
• Irvine Ranch Water District, Bonds of the Irvine Ranch Water
District, Consolidated Series 2009A
• Irvine Ranch Water District, CA, Irvine Ranch Water
District Consolidated Constituting The Consolidated Several General Obligations
of Improvement, Series 1993
• Lorain County Port Authority, Variable Rate Educational Facilities
Revenue Bonds, Series 2008 (St. Ignatius High School Project)
• Los Angeles (City of) CA, Adjustable Rate Certificates of
Participation (Kadima Hebrew Academy Project), Series 2005A
• Louisiana Public Facilities Authority, LA, Revenue
Bonds (Coca-Cola Bottling Company Consolidated Project),
Series 2008
• Maricopa County Industrial Dev. Auth., AZ,
Tax Exempt Adjustable Mode Industrial Development Revenue Bonds,
Series 1998 (Clayton Homes, Inc. Project)
• Minnesota Higher Education Facilities Authority, Series Six-Q
(Concordia University, St. Paul Project)
• South Dakota Health and Educational Facilities Authority,
Variable Rate Demand Revenue Bonds, (Sanford Health Project),
Series 2004-B
• Springfield Public Building Corporation, Missouri,
Taxable Variable Rate Demand Revenue Bonds, (Springfield (City of)
MO Jordan Valley Ice Park Project), Series 2003
• Sun Prairie (City of) WI, Variable Rate Demand Development
Revenue Bonds (YMCA of Dane County Project), Series 2006
• Washington Higher Education Facilities Authority, WA,
Variable Rate Demand Refunding Revenue Bonds (Seattle University Project),
Series 2008A
• Whittier (City of) CA, Health Facility Revenue Bonds,
(Presbyterian Intercommunity Hospital Project), Series 2009A
RATINGS RATIONALE
The ratings continue to be based upon (i) the direct-pay letter
of credit provided by the Bank; (ii) the structure and legal protections
of the transaction, which provides for timely payment of debt service
and purchase price to bondholders; and (iii) Moody's evaluation of
the credit quality of the Bank. Moody's currently rates U.S.
Bank National Association's long-term and short-term
CR Assessments Aa2(cr) (On Watch for Possible Downgrade) and P-1(cr),
respectively.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
• Long-term: Moody's upgrades the long-term CR
Assessment of the Bank.
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
• Long-term: Moody's downgrades the long-term
CR Assessment of the Bank.
The principal methodology used in these ratings was Rating Transactions
Based on the Credit Substitution Approach: Letter of Credit-backed,
Insured and Guaranteed Debts published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1068154.
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
REGULATORY DISCLOSURES
The List of Affected Credit Ratings announced here are all solicited credit
ratings. Additionally, the List of Affected Credit Ratings
includes additional disclosures that vary with regard to some of the ratings.
Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL443535
for the List of Affected Credit Ratings. This list is an integral
part of this Press Release and provides, for each of the credit
ratings covered, Moody's disclosures on the following items:
• Rating Solicitation
• Issuer Participation
• Participation: Access to Management
• Participation: Access to Internal Documents
• Disclosure to Rated Entity
• Endorsement
• Lead Analyst
• Releasing Office
For further specification of Moody's key rating assumptions and sensitivity
analysis, see the sections Methodology Assumptions and Sensitivity
to Assumptions in the disclosure form. Moody's Rating Symbols and
Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
For ratings issued on a program, series, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security or pursuant
to a program for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the credit rating action on the
support provider and in relation to each particular credit rating action
for securities that derive their credit ratings from the support provider's
credit rating. For provisional ratings, this announcement
provides certain regulatory disclosures in relation to the provisional
rating assigned, and in relation to a definitive rating that may
be assigned subsequent to the final issuance of the debt, in each
case where the transaction structure and terms have not changed prior
to the assignment of the definitive rating in a manner that would have
affected the rating. For further information please see the ratings
tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Moody's general principles for assessing environmental, social and
governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Michael J. Loughlin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
