Actions based on assignment of counterparty risk assessments
New York, May 15, 2015 -- Moody's has taken the rating actions discussed herein based on assignment
of counterparty risk assessments to the banks listed below:
Bank; Long-term Counterparty Risk Assessment; Short-term
Counterparty Risk Assessment
Associated Bank, N.A.; A2(cr); P-1(cr)
Capital One, N.A.; A2(cr); P-1(cr)
Citizens Bank, N.A.; A2(cr); P-1(cr)
Citizens Bank of Pennsylvania; A2(cr); P-1(cr)
Fifth Third Bank, Ohio; A2(cr); P-1(cr)
Fulton Bank; A2(cr); P-1(cr)
Huntington National Bank; A2(cr); P-1(cr)
Key Bank, National Association; A2(cr); P-1(cr)
Regions Bank; Baa1(cr); P-2(cr)
SunTrust Bank; A2(cr); P-1(cr)
Whitney Bank; A2(cr); P-1(cr)
RATINGS RATIONALE
Each of the debts listed herein is supported by a letter of credit provided
by the bank specified. The ratings are based on the structure and
legal protections of each transaction, which provide for timely
payment of amounts due bondholders and on Moody's long-term
and short-term counterparty risk assessments of the applicable
bank. The current counterparty risk assessments of each bank are
included in the list above. Each of these ratings was placed under
review for upgrade on March 17, 2015. The actions announced
herein conclude those reviews.
WHAT COULD CHANGE THE RATINGS UP OR DOWN
The ratings discussed herein that are not based on joint support would
be revised up or down as a result of a change in Moody's long-term
or short-term counterparty risk assessment of the applicable bank.
DEBTS SUPPORTED BY ASSOCIATED BANK, N.A.
Moody's has upgraded the long term ratings of the debts listed below
to A2 from A3 and the short-term ratings of each of the debts listed
below to VMIG 1 from VMIG 2. Each of these debts is supported by
a letter of credit provided by Associated Bank, N.A.
CUSIP; Issuer
558488BZ4: Madison (City of) WI
97710VDX3: Wisconsin Health & Educational Fac. Auth.
69336EAA7: PHF Investments, LLC
86816RAA1: Superior Hlth Linens, Inc. & Sup.
Hlth Text
977468AR8: Wittenberg (Village of), WI
97689RAC8: Wisconsin Hsg. & Econ. Dev.
Auth.
675642AK8: Oconomowoc (City of) WI
86685BAA4: Sun Prairie (City of) WI
69336EAB5: PHF Investments, LLC
53705NAA4: Little Chute (Village of) Comm. Dev. Auth.
949115AA7: Welcome Dairy, Inc. & BLT Partners
69336EAC3: PHF Investments, LLC
DEBTS SUPPORTED BY CAPITAL ONE, N.A.
Moody's has upgraded the long term ratings of the debts listed below
to A2 from A3 and the short-term ratings of each of the debts listed
below to VMIG 1 from VMIG 2 (or from P-2 to P-1 as indicated).
Each of these debts is supported by a letter of credit provided by Capital
One, N.A.
CUSIP; Issuer
546398HP6: Louisiana Public Facilities Authority
546398HQ4: Louisiana Public Facilities Authority
546398FZ6: Louisiana Public Facilities Authority
546398GC6: Louisiana Public Facilities Authority
546398HJ0: Louisiana Public Facilities Authority
113160BM6: Brookhaven (Town of) Industrial Dev. Agency
113160BJ3: Brookhaven (Town of) Industrial Dev. Agency*
*Short-term rating upgraded from P-2 to P-1
DEBTS SUPPORTED BY CITIZENS BANK, N.A.
Moody's has upgraded the long- term and short-term
ratings of the debts listed below to A2 and VMIG 1 from A3 and VMIG 2,
respectively or, where indicated, the short-term rating
only. Each of these debts is supported by a letter of credit provided
by Citizens Bank, N.A.
CUSIP; Issuer
773559AQ2; Rockland County I.D.A., NY
20774LD69; Connecticut Health & Educational Fac. Auth.
644614KQ1; New Hampshire Health & Educ. Fac. Auth.
762243LT8; Rhode Island Health & Educational Bldg Corp
683058AC5; Ontario County Ind. Dev. Agy.,
NY
012440HE6; Albany City Industrial Development Agency, NY
012440HF3; Albany City Industrial Development Agency, NY
012440HC0; Albany City Industrial Development Agency, NY
012440HD8; Albany City Industrial Development Agency, NY
917765BL2; Utica (City of) NY, Indust. Devel.
Agency
274722DJ3; East Rochester (Village of) NY, Housing Auth.
746642AD9; Putnam County Industrial Dev. Agy, NY
57583RJM8; Massachusetts Development Finance Agency
57583RJN6; Massachusetts Development Finance Agency
610752EG8; Monroe County Industrial Dev. Agency, NY
682465CA5; Oneida County Industrial Dev. Agency, NY
012440JL8; Albany City Industrial Development Agency, NY
791097FF0; St. Lawrence County I.D.A.
Civic Dev. Corp.
162544BP4; Chautauqua (Cnty of) NY, Ind. Dev.
Agency
162544BN9; Chautauqua (Cnty of) NY, Ind. Dev.
Agency
644614SM2; New Hampshire Health & Educ. Fac. Auth.
64461RFW3; New Hampshire Health & Educ. Fac. Auth.
644614TA7; New Hampshire Health & Educ. Fac. Auth.
866259AA2; SUMMIT SCHOOL, (The)
644614VK2; New Hampshire Health & Educ. Fac. Auth.
762197CH2; Rhode Island Health & Educational Bldg Corp*
646065SM5; New Jersey Educ. Facs. Auth.
6499032G5; Dormitory Authority of the State of New York
20774UG90; Connecticut Health & Educational Fac. Auth.
57583RZE8; Massachusetts Development Finance Agency *
57583RZF5; Massachusetts Development Finance Agency*
57583RZG3; Massachusetts Development Finance Agency*
*Action affects short-term rating only
DEBTS SUPPORTED BY CITIZENS BANK OF PENNSYLVANIA
Moody's has upgraded the long- term ratings of the debts
listed below to A2 and the short-term ratings to VMIG 1 from VMIG
2 (or to MIG 1 from MIG 2 as indicated). Each of these debts is
supported by a letter of credit provided by Citizens Bank of Pennsylvania.
CUSIP; Issuer
017292UN1; Allegheny County Industrial Dev. Auth.,
PA*
407311AC3; Hamilton (County of) OH
514349BL2; Lancaster Industrial Development Auth.,PA**
717818R26; Philadelphia Authority for Ind. Dev.,
PA
165579EM1; Chester County Health & Educ. Facs.
Auth, PA
808390ER5; Schuylkill County Industrial Dev. Auth.,
PA
092849BT4; Blair County Industrial Dev. Auth.,
PA
*Action affects short-term rating only
** Short-term rating upgraded from MIG 2 to MIG 1
DEBTS SUPPORTED BY FIFTH THIRD BANK, OHIO
Moody's has upgraded the long term ratings of the debts listed below
to A2 from A3 and the short-term ratings of each of the debts listed
below to VMIG 1 from VMIG 2 (or from P-2 to P-1 as indicated).
Each of these debts is supported by a letter of credit provided by Fifth
Third Bank, Ohio.
CUSIP; Issuer
01728APQ3; Allegheny County Hospital Dev. Auth.,
PA
945889AB9; Wayne (County of) OH
60635RZM2; Missouri State Health & Educ. Facs.
Auth.
40728KAZ5; Hamilton (County of) OH
59469C4P5; Michigan Strategic Fund
125153AB2; CEI Capital, L.L.C.*
83722NAB8; South Central Communications Corp.
956624AL4; West Virginia Hospital Finance Authority
639918BT7; Nebraska Elementary & Secondary Sch Fin Auth.
427422AD2; Herman & Kittle Capital, LLC*
956624AM2; West Virginia Hospital Finance Authority
372730CJ8; Georgetown (City of) KY
67756AWQ1; Ohio Higher Educational Facility Commission
295085BE3; Erie County Industrial Dev. Agy, NY
1964584M2; Colorado Educational & Cultural Facs. Auth.
6069014B9; Missouri State Health & Educ. Facs.
Auth.
430058AC1; Highland County Joint Township Hosp. District
90348NAA9; UCF Health Facilities Corporation, FL
45200FJW0; Illinois Finance Authority
123550FM2; Butler (County of) OH
594519R51; Michigan Higher Education Facilities Auth.
790905GT4; St. Louis Industrial Development Auth.,
MO
58463QAA8; Medical Properties Inv. Company-Walker,
LLC*
59469CH48; Michigan Strategic Fund
371629AA4; Genesee County Economic Dev Corp, MI
592041SK4; Metro Govt of Nashville/Davidson Cnts Hlt/Edu
594478AC3; Michigan Equity Group, LLC*
969087AJ4; Will-Kankakee Regional Development Authority
969087AK1; Will-Kankakee Regional Development Authority
451932AE7; Illinois Development Finance Authority
528908BA3; Lexington-Fayette Urban County Govt KY
594478AD1; Michigan Equity Group, LLC*
74442PAA3; Public Finance Authority
*Short-term rating upgraded from P-2 to P-1
DEBTS SUPPORTED BY FULTON BANK
Moody's has upgraded the long- term and short-term
ratings of the debts listed below to A2 and VMIG 1 from A3 and VMIG 2,
respectively. Each of these debts is supported by a letter of credit
provided by Fulton Bank.
CUSIP; Issuer
946833AA8; WCN Properties, L.P.
514349BE8; Lancaster Industrial Development Auth., PA
514349BF5; Lancaster Industrial Development Auth., PA
514349BG3; Lancaster Industrial Development Auth., PA
514349BH1; Lancaster Industrial Development Auth., PA
393077AA0; Green Knight Economic Development Corp.,
PA
273007AE4; East Hempfield (Township of) PA, Ind Dev Auth
514349BV0; Lancaster Industrial Development Auth., PA
514349BW8; Lancaster Industrial Development Auth., PA
64577HQR5; New Jersey Economic Development Authority
804101AA1; Saubels Market, Inc.
DEBT SUPPORTED BY HUNTINGTON NATIONAL BANK
Moody's has upgraded the long term and short-term ratings
of the debt listed below to A2 and P-1 from A3 and P-2,
respectively. The debt is supported by a letter of credit provided
by Huntington National Bank.
CUSIP; Issuer
977290AA3; Wishbone Partners LLC, OH
DEBTS SUPPORTED BY KEY BANK, NATIONAL ASSOCIATION
Moody's has upgraded the long term ratings of the debts listed below
to A2 from A3 and the short-term ratings of each of the debts listed
below to VMIG 1 from VMIG 2. Each of these debts is supported by
a letter of credit provided by Key Bank, National Association.
CUSIP; Issuer
455048M21; Indiana Educational Facilities Authority
012440FP3; Albany City Industrial Development Agency, NY
683058AB7; Ontario County Ind. Dev. Agy.,
NY
939758BS6; Washington Economic Development Finance Auth.
939758BT4; Washington Economic Development Finance Auth.
804837BD3; Savannah Housing Authority, GA
267041FK2; Dutchess County Industrial Devel. Agcy.,
NY
557397AA4; Madison (County of) OH
012440HA4; Albany Industrial Devel. Agency, NY
012440HB2; Albany Industrial Devel. Agency, NY
187476AB2; Clinton County Industrial Dev. Agency, NY
649438ER5; New York City Industrial Development Agcy, NY
167028BE8; Cheyenne (City of) WY
649438GN2; New York City Industrial Development Agcy, NY
939783PX8; Washington State Housing Finance Commission
939783PY6; Washington State Housing Finance Commission
45200FBC2; Illinois Finance Authority
DEBTS SUPPORTED BY REGIONS BANK
Moody's has upgraded the long term ratings of the debts listed below
to Baa1 from Baa3 and the short-term ratings of the debts listed
below to P-2 from P-3. Each of these debts is supported
by a letter of credit provided by Regions Bank.
CUSIP; Issuer
592065S23; Metro Govt of Nashville & Davidson Cnty I D B*
454286AA3; Indian Hills Country Club, Al
592041JT5; Metro Govt of Nashville/Davidson Cnts Hlt/Edu
605279DP0; Mississippi Business Finance Corporation
60720TBJ7; Spring Hill College Educ. Building Auth.*
60720TBK4; Spring Hill College Educ. Building Auth.*
60720TBL2; Spring Hill College Educ. Building Auth.*
60720TBM0; Spring Hill College Educ. Building Auth.*
689903AS1; Ouachita (Parish of) LA, Ind. Dev.
Board
09089TAM3; Birmingham Commercial Development Auth.,
AL*
607169AM1; Mobile (City of) AL*
607169AN9; Mobile (City of) AL*
01030PFC5; Alabama Housing Finance Authority
09089PAA7; Birmingham City Educ. Bldg Auth. (The),
AL
60720TCD9; Spring Hill College Educ. Building Auth.*
60720TBW8; Spring Hill College Educ. Building Auth.*
60720TBX6; Spring Hill College Educ. Building Auth.*
60720TBY4; Spring Hill College Educ. Building Auth.*
60720TBZ1; Spring Hill College Educ. Building Auth.*
60720TCA5; Spring Hill College Educ. Building Auth.*
60720TCB3; Spring Hill College Educ. Building Auth.*
60720TCC1; Spring Hill College Educ. Building Auth.*
12542VAA9; CHF-Elon, L.L.C.
546398MX3; Louisiana Public Facilities Authority
605279FR4; Mississippi Business Finance Corporation
489573BC8; Kennett Industrial Development Authority, MO*
40251VAA1; Gulf Shores City Medical Clinic Board, AL
607152BG9; Mobile (City of) AL, Downtown Redevel. Auth.
605279HH4; Mississippi Business Finance Corporation
605279HD3; Mississippi Business Finance Corporation
546398XS2; Louisiana Public Facilities Authority
489573BH7; Kennett Industrial Development Authority, MO*
489573AW5; Kennett Industrial Development Authority, MO*
489573BB0; Kennett Industrial Development Authority, MO*
*Action affects long-term rating only
DEBTS SUPPORTED BY SUNTRUST BANK
Moody's has upgraded the long term ratings of the debts listed below
to A2 from A3 and the short-term ratings of the debts listed below
from VMIG 1 from VMIG 2. Each of these debts is supported by a
letter of credit provided by SunTrust Bank.
CUSIP; Issuer
607152BF1; Mobile (City of) AL, Downtown Redevel. Auth.
80483CBA8; Savannah Economic Development Authority, GA*
298833AA2; Eustis (City of) FL*
076099AU4; Bedford (County of) VA, Industrial Dev. Auth.*
04144RAB5; Arlington Cnty. I.D.A.,
VA
04144RAC3; Arlington Cnty. I.D.A.,
VA
25477PBZ7; District of Columbia Housing Finance Agency
530391AL5; Liberty County Industrial Authority, GA
530391AM3; Liberty County Industrial Authority, GA
051230CS7; Augusta Housing Authority, GA
574221JQ1; Maryland Industrial Development Financ. Auth.
80483CCM1; Savannah Economic Development Authority, GA
80483CCN9; Savannah Economic Development Authority, GA
875150AB0; Tampa (City of) FL
57419NSP0; Maryland Community Development Administration*
574217GP4; Maryland Health & Higher Edl. Fac. Auth.
592106AB4; Metro Govt of Nashville & Davidson Cnty I D B
546279LX6; Louisiana Loc. Govt. Env. Fac.&
Comm.Dev.Auth
83712EEB6; South Carolina St. Hsg. Finance & Dev.
Auth.
546279MR8; Louisiana Loc. Govt. Env. Fac.&
Comm.Dev.Auth
145313AA0; Carrollton City Housing Authority, GA
437764CW1; Homestead (City of) FL
254839F24; District of Columbia
19912HBP3; Columbus Development Authority, GA
58400RAE4; Mecklenburg (County of) NC
047054AB7; Athens-Clarke County Industrial Dev. Auth.
546279SJ0; Louisiana Loc. Govt. Env. Fac.&
Comm.Dev.Auth
254839H30; District of Columbia
574217VF9; Maryland Health & Higher Edl. Fac. Auth.
254839J46; District of Columbia
015305AB1; Alexandria City Industrial Dev. Auth.,
VA
530391AP6; Liberty County Industrial Authority, GA
837031NY5; South Carolina Jobs-Economic Development Auth
403735BT9; Gwinnett County Housing Authority, GA
80483CGM7; Savannah Economic Development Authority, GA
574217XB6; Maryland Health & Higher Edl. Fac. Auth.
92775MAA9; Virginia Biotechnology Res. Partnership Auth.
568790AS8; Marion County Industrial Development Auth. FL
80483CGN5; Savannah Economic Development Authority, GA
254839P72; District of Columbia
30382EDU5; Fairfax County Economic Development Auth.,
VA
574217G41; Maryland Health & Higher Edl. Fac. Auth.
01266PAC5; Albemarle County Ind. Dev. Auth.,
VA
557432AC5; Madison County Industrial Devel. Auth.,
VA
428437AA5; Hialeah Gardens City Health Facs. Auth.,
FL*
428437AB3; Hialeah Gardens City Health Facs. Auth.,
FL*
428437AC1; Hialeah Gardens City Health Facs. Auth.,
FL*
2548392D4; District of Columbia
586121AC9; Memphis-Shelby Cnty Ind. Dvlpmt Board,
TN
2548392E2; District of Columbia
2548392Q5; District of Columbia
6845035V3; Orange County Health Facilities Authority, FL
837031QS5; South Carolina Jobs-Economic Development Auth
164218CR8; Cherokee County Development Authority, GA
*Action affects long-term rating only
DEBT SUPPORTED BY WHITNEY BANK
Moody's has upgraded the long term and short-term rating
of the debt listed below to A2 and P-1 from A3 and P-2,
respectively. The debt is supported by a letter of credit provided
by Whitney Bank.
CUSIP; Issuer
860567AA4; Stice-Hill Holdings, L.L.C.
PRINCIPAL METHODOLOGY USED
The principal methodology used in this rating was Rating Transactions
Based on the Credit Substitution Approach: Letter of Credit-backed,
Insured and Guaranteed Debts published in March 2015. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt 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 rating action on the support provider and in relation to each particular
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 rating action, and
whose ratings may change as a result of this 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.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the lead
analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
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: 212-553-0376
SUBSCRIBERS: 212-553-1653
Thomas Jacobs
Senior Vice President
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's upgrades long-term and short-term ratings of municipal VRDBs supported by 11 US banks
