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Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by Northern Trust Company

15 May 2015

Actions based on assignment of counterparty risk assessments

New York, May 15, 2015 -- Moodys has upgraded the long term ratings of the debts listed below to Aa3 from A1. Each of these debts is supported by a letter of credit provided by Northern Trust Company (the Bank). 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 counterparty risk assessment of the Bank, currently Aa3(cr). Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews.

RATINGS RATIONALE

Moody's is not taking any action on the short-term ratings of debts listed below. Moody's short-term counterparty risk assessment of the Bank, currently P-1(cr), has replaced the senior unsecured rating of the Bank as an input to the short-term ratings of the debts listed below.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term ratings of the debts listed below would be revised up or down as a result of any change in Moody's long-term counterparty risk assessment of the Bank.

CUSIP; Issuer

451905BZ5; Illinois Development Finance Authority

432321BG1; Hillsborough County Ind. Dev. Auth., FL.

353186Q69; Franklin (County of) OH

353186Q77; Franklin (County of) OH

088379MD1; Bexar County Housing Finance Corporation, TX

4520003G5; Illinois Educational Facilities Authority

452001QM5; Illinois Educational Facilities Authority

452001NA4; Illinois Educational Facilities Authority

451908RD1; Illinois Development Finance Authority

452000S60; Illinois Educational Facilities Authority

353186V22; Franklin (County of) OH

130911GW4; California Statewide Communities Dev. Auth.

67765QAN6; Ohio Water Development Authority

93978LBG0; Washington State Housing Finance Commission

696547CN6; Palm Beach (County of) FL

407272J20; Hamilton (County of) OH

45188R6F1; Illinois Development Finance Authority

00037CFH8; ABAG Finance Authority for Nonprofit Corp. CA

45200FZK8; Illinois Finance Authority

797391YJ2; San Diego (County of) CA

45200BKX5; Illinois Finance Authority

00037CGQ7; ABAG Finance Authority for Nonprofit Corp. CA

45200BRH3; Illinois Finance Authority

00037CHZ6; ABAG Finance Authority for Nonprofit Corp. CA

180858AW2; Clark (County of) NV

45200B3G1; Illinois Finance Authority

45200FLX5; Illinois Finance Authority

45200FMP1; Illinois Finance Authority

45200FMN6; Illinois Finance Authority

45200FJ91; Illinois Finance Authority

19645RNN7; Colorado Educational & Cultural Facs. Auth.

914353H34; Board of Trustees of University of Illinois

DEBTS RATED BASED ON JOINT SUPPORT FROM NORTHERN TRUST COMPANY AND THE UNDERLYING OBLIGOR

Moodys has upgraded the long term ratings of the debts listed below to Aa1 from Aa2. Each of the debts listed below is jointly supported by a letter of credit provided by Northern Trust Company (the Bank) and the underlying obligor. The ratings are based on the structure and legal protections of each transaction, which provide for timely payment of amounts due bondholders, Moody's long-term counterparty risk assessment of the Bank, currently Aa3(cr), Moody's rating of the underlying obligor and on Moody's assessment of the joint probability of default by both the Bank and the underlying obligor. These ratings were placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews.

Moody's is not taking any action on the short-term ratings of these debts. Moody's short-term counterparty risk assessment of the Bank, currently P-1(cr), has replaced the senior unsecured rating of the Bank as an input to the short-term ratings of these debts.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term letter of credit supported ratings of these debts could be revised up or down as a result of a change in Moody's long-term counterparty risk assessment of the Bank, Moody's long-term rating of the underlying obligor or Moody's assessment of the joint probability of default by both the Bank and the underlying obligor.

CUSIP; Issuer

13033LPD3; California Health Facilities Fin.Auth

60636ADS9; Missouri State Health & Educ. Facs. Auth.

094833BA7; Bloomington-Normal Airport Authority, IL

452152UB5; Illinois (State of)

455057NJ4; Indiana Finance Authority

57583RWG6; Massachusetts Development Finance Agency

13033WQ97; California Infrastructure & Econ. Dev. Bank

130795W45; California Statewide Communities Dev. Auth.

45200FSE0; Illinois Finance Authority

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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

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 ratings of municipal VRDBs supported by Northern Trust Company
No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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