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Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by Manufacturers and Traders Trust Company

15 May 2015

Actions based on assignment of counterparty risk assessments

New York, May 15, 2015 -- Moody's Investors Service has upgraded the long term ratings of the debts listed below to A1 from A2. Each of these debts is supported by a letter of credit provided by Manufacturers and Traders 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 A1(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

751434AA9; Ramapo (Town of) NY, Housing Authority

708684NQ4; Pennsylvania Economic Dev. Fin. Auth.

773561AD7; Rockland County I.D.A., NY

64971CUT9; Jewish Community Center in Manhattan, Inc.

514502AA1; Lancaster Industrial Development Agency, NY

610755ZD5; Monroe County Industrial Dev. Agency, NY

70917NLX0; Pennsylvania Higher Educational Facs. Auth.

773561AF2; Rockland County I.D.A., NY

059151AE0; Baltimore (County of) MD

059151AD2; Baltimore (County of) MD

442595AH7; Howard (County of) MD

442595AJ3; Howard (County of) MD

035895BK6; Anne Arundel (County of) MD

684595DE8; Orange County Industrial Development Agy, NY

574205EQ9; Maryland Economic Development Corporation

295088FM5; Erie County Industrial Dev. Agy, NY

688640AP6; Oswego County Ind. Devel. Auth., NY

759921CH0; Rensselaer County I.D.A., NY

610752BZ9; Monroe County Industrial Dev. Agency, NY

012440GD9; Albany Industrial Devel. Agency, NY

610752CW5; Monroe County Industrial Dev. Agency, NY

768765AA7; Riverhead Industrial Development Agency, NY

768765AB5; Riverhead Industrial Development Agency, NY

768765AC3; Riverhead Industrial Development Agency, NY

768765AE9; Riverhead Industrial Development Agency, NY

631660DA2; Nassau County Industrial Development Agy, NY

806476BY2; Schenectady City Industrial Dev. Agy, NY

165579ER0; Chester County Health & Educ. Fac. Auth., PA

295200TS8; Erie County Hospital Authority, PA

649437AL4; Build NYC Resource Corporation

64986UFE2; New York State Housing Finance Agency

64986UMM6; New York State Housing Finance Agency

64986UPM3; New York State Housing Finance Agency

64986UPN1; New York State Housing Finance Agency

64986UPP6; New York State Housing Finance Agency

64986UPQ4; New York State Housing Finance Agency

64986UPR2; New York State Housing Finance Agency

64986UPS0; New York State Housing Finance Agency

64986UPT8; New York State Housing Finance Agency

64986U4D6; New York State Housing Finance Agency

DEBT RATED BASED ON JOINT SUPPORT FROM MANUFACTURERS AND TRADERS TRUST COMPANY AND UNDERLYING OBLIGOR

Moody's has upgraded the long-term letter of credit supported rating of the debt listed below to A1 from A2. The debt listed below is jointly supported by a letter of credit provided by Manufacturers and Traders Trust Company (the Bank) and the underlying obligor. The letter of credit supported rating is based on the structure and legal protections of the transaction, which provide for timely payment of amounts due bondholders, Moody's long-term counterparty risk assessment of the Bank, currently A1(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. This rating was placed under review for upgrade on March 17, 2015. The action announced herein concludes that review.

Moody's is not taking any action on the short-term rating of this debt. 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 rating of this debt.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term letter of credit supported rating of this debt 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

759921CG2; Rensselaer County I.D.A., NY

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 Manufacturers and Traders Trust Company
No Related Data.
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