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Related Issuers
Alexandria (City of) VA, Ind. Dev. Auth., Variable Rate Educational Facilities Revenue Bonds, 2000, (Alexandria Country Day School), $4.5MM
Allegheny (County of) PA, Adjustable Rate Demand General Obligation Bonds, Series C-51, $14.455MM
Allegheny (County of) PA, Adjustable Rate Demand General Obligation Refunding Bonds, Series C-50, $37.320MM
Allegheny County Hospital Dev Auth, PA, Variable Rate Demand Hospital Revenue Bonds, 2000, (South Hills Health System), $15MM
Allegheny County Hospital Development Authority, PA, Variable Rate Demand Hospital Revenue Bonds (Jefferson Regional Medical
Allegheny County Hospital Development Authority, PA, Variable Rate Demand Revenue Bonds, (Childrens Institute of Pittsburgh Project), Series 2005-A & Series 2005-B, $25.260MM
Allegheny County Hospital Development Authority, Variable Rate Demand Hospital Revenue Bonds (Jefferson Regional Medical Center Project) Series A of 2010, $17.5MM
Allegheny County Hospital Development Authority, Variable Rate Demand Revenue Bonds, (Jefferson Regional Medical Center Project), Series 2006A
Allegheny County Industrial Dev. Auth., PA
Allegheny County Industrial Dev. Auth., PA, Revenue Bonds (Watson Institute Friendship Academy (The) Project) Series 2010, $15MM
Allegheny County Industrial Dev. Auth., PA, Variable Rate Demand Bonds, 1996A, (United Jewish Federation of Greater Pittsburgh-Charles M. Morris Nursing Care Center/Weinberg Village), $21.055MM
Allegheny County Industrial Dev. Auth., PA, Variable Rate Demand Bonds, 1996B, (Jewish Home and Hospital for Aged at Pittsburgh-Charles M. Morris Nursing Care Center/Weinberg Village), $4.14MM
Allegheny County Industrial Dev. Auth., PA, Variable Rate Demand Industrial Development Revenue Bonds, 1996A, (Union Electric Steel Corporation)
Allegheny County Industrial Development Authority, PA, Adjustable Rate Demand Health Care Revenue Bonds (Vincentian Collabora
Allegheny County Industrial Development Authority, PA, Revenue Bonds (Animal Friends, Inc. Project), Series 2005, $5.155MM
Allegheny County Industrial Development Authority, PA, Variable Rate Demand Revenue Bonds, (The Education Center at the Watson Institute) Series 2001, $16MM
Allegheny County Industrial Development Authority, Variable Rate Demand Revenue Bonds, (Little Sisters of the Poor Project),
Arizona Health Facilities Authority, AZ, Variable Rate Health Facility Revenue Bonds (Catholic Healthcare West Project), Series 2008A through Series 2008D
Arlington County Industrial Development Authority, VA, Multifamily Housing Revenue Bonds (Gates of Ballston Apartments Project), Series 2005, $29MM
Blair County Industrial Development Authority, Variable Rate Demand Revenue Bonds (Altoona-Blair County Development Corporation), Series 2008, $55.3MM
Boyle (County of), KY, College Refunding Revenue Bonds (Centre College Project), Series 2008A & 2008B (Taxable)
Butler (County of) OH, Variable Rate Demand Revenue Bonds (Lakota Family YMCA (The) Project), Series 2002, $3MM
Cadiz (Village of), OH, Adjustable Rate Demand Health Care Facilities Revenue Improvement Bonds (Harrison Community Hospital,
Cambridge (City of), OH, Variable Rate Industrial Demand Hospital Facilities Revenue Refunding and Improvement Bonds (Southeastern Ohio Regional Medical Center Project), Series 2001, $20MM
Centerville, (City of) Ohio, Health Care Variable Rate Demand Revenue Bonds, (Graceworks Lutheran Services Project), Series 2
Central Ohio Medical Textiles, Variable Rate Taxable Demand Notes (Central Ohio Medical Textiles Project), Series 2003, $14.085MM
Chester County Intermediate Unit, PA, Variable Rate Revenue Bonds, Series 2003, $10M
Cleveland-Cuyahoga County Port Authority, OH, Development Revenue Refunding Bonds, (Judson Project) Series 2005A & Series 2005B, $31.500MM
Cleveland-Cuyahoga County Port Authority, OH, Revenue Bonds, (Carnegie/96th Research Building, LLC Project), Series 2003, $32MM
Crawford County Industrial Development Authority, PA, Variable Rate Demand College Revenue Bonds (Allegheny College, PA Project), Series 2009B, $8.0MM
Cuyahoga (County of) OH, Adj Rate Dmnd Hosp Fac Rev Bonds, 2000, (Sisters of Charity of St. Augustine Health System, Inc., The), $40MM
Cuyahoga (County of) OH, Multi-Mode Variable Rate Civic Facility Revenue Bonds (Cleveland Health Education Museum Project), Series 2002, $12MM
Cuyahoga (County of) Ohio, Hospital Improvement and Refunding Variable Rate Demand Revenue Bonds, (MetroHealth System, OH, Project), Series 2005
Delaware Economic Development Authority, Variable Rate Demand Revenue Bonds (Goodwill Industries of Delaware County, Inc. Project), Series 2006, $4.245MM
Derry Township Industrial and Commercial Development Authority, PA, Federally Taxable Variable Rate Facility Revenue Bonds (GIANT Center Project), Series 2001, $28.365MM
Derry Township, PA Ind & Commercial Dev. Auth, Variable Rate Hotel Tax and Revenue Bonds, 2000A, (Arena Project, Hershey, Pennsylvania), $21.775MM
District of Columbia, DC, Multimodal Revenue Bonds, Series 1998A - Tranche I through Series 1998A -Tranche III, (Medlantic/Helix Issue), $150MM
District of Columbia, Variable Rate Revenue Bonds (American Sociological Association Project), Series 2007, $8MM
District of Columbia, Variable Rate Revenue Bonds (Jesuit Conference Inc. Project), Series 2007, $9.7MM
District of Columbia, Variable Rate Revenue Bonds, (Pew Charitable Trusts (The) Project), Series 2008A and Series 2008B (Taxa
District of Philadelphia General Obligation Refunding Bonds
Fauquier County Industrial Development Authority, VA, Variable Rate Revenue Bonds (Wakefield School, Inc Project) Series 2008
Fayette (County of) OH, Variable Rate Taxable Demand Notes (Fayette County Memorial Hospital, OH, Project), Series 2003, $4.400MM
Fayette County Hosptial Authority, PA, Adjustable Rate Demand Hospital Revenue Bonds (Fayette Regional Health System Project)
Hamilton (County of) OH, Variable Rate Hospital Facilities Revenue Bonds (The Elizabeth Gamble Deaconess Home Association Project), Series 2002-A & Series 2002-B, $94MM
Hamilton (County of) OH, Variable Rt. Hosp. Fac. Revenue Bonds, 1997A, (Children's Hospital Medical Center Project), $35MM
Harveys Lake General Municipal Authority, PA, University Revenue Bonds (Misericordia Univerisity Project), Series 2008, $21.36MM
Health & Educational Facilities Authority of the State of Missouri Variable Rate Demand Educational Facilities Revenue Bonds (Drury University) Series 2012, $33.53MM
Illinois (State of), Variable Rate General Obligation Bonds Series 2003 B-1 - B-6 $600MM
Illinois Finance Authority, Adjustable Demand Revenue Bonds (Music and Dance Theater Chicago, Inc. Project), Series 2005, $20MM
Illinois Finance Authority, Adjustable Rate Demad Revenue Bonds, (Illinois Wesleyan University Project), Series 2008, $30.41M
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds (Illinois Wesleyan University), Series 2012
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds (Museum of Science and Industry Project) Series 2009A through Series 2009D, $64MM
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds (Nazareth Academy Project), Series 2006, $10.500MM
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds, (St. Ignatius College Prep. Project), Series 2006, $13MM
Illinois Finance Authority, Variable Rate Demand Revenue Bonds, (OSF Healthcare System Project), Series 2009B, Series 2009C, and Series 2009D
Indiana County Hospital Authority Adjustable Rate Demand Hospital Revenue Bonds, (Indiana Regional Medical Center) Series 2014B $10.2MM
Indiana Health & Educational Facility Financing Authority, Adjustable Rate Hospital Revenue Bonds (Community Hospital of LaGr
Johnson City Health & Educational Facilities Board, TN, Hospital Revenue Bonds (Mountain States Health Alliance, TN Project), Series 2011A & Series 2011B, $85.26 MM
Kent (County of), DE, Variable Rate Revenue Bonds (Providence Creek Academy Charter School, Inc. Project), Series 2008A & Series 2008B (Taxable), $13.15MM
Kentucky Economic Development Finance Authority, Variable Rate Demand Health Care Revenue Refunding Bonds (Christian Care Com
Kentucky Rural Economic Development Authority
Lawrence County Industrial Development Authority, PA, Variable Rate Revenue Bonds (Villa Maria Project), Series 2003, $19.750MM
Loudoun County Industrial Development Authority, VA, Variable Rate Revenue Bonds, (Loudoun Country Day School Project), Serie
Lyndhurst (City of) OH, Variable Rate Economic Development Revenue Bonds (Hawken School Project), Series 2002, $9.995M
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds (Bishop McNamara High School Project), Series 2007
Massachusetts Development Finance Agency, Variable Rate Demand Revenue Bonds (Marine Biological Laboratory Issue), Series 2006, $34 MM
MCE MOB IV Limited Partnership, Variable Rate Taxable Demand Notes (MCE MOB IV Limited Partnership Project), Series 2002, $8.160MM
MediLucent MOB I Limited Partnership, Variable Rate Taxable Demand Notes, Series 2006 (MediLucent MOB I Limited Partnership Project)
Metropolitan Transportation Authority, Transportation Revenue Variable Rate Bonds, Subseries 2005-E1 & Subseries 2005-E3, $241.57MM
Miami-Dade County Industrial Development Authority, Tax-Exempt Adjustable Mode Industrial Development Revenue Bonds (RAM Investments of South Florida, Inc. Project), Series 2004, $3.060MM
Michigan Strategic Fund, Limited Obligation Variable Rate Demand Revenue Bonds (GreenPath, Inc.Project), Series 2011, $19MM
Middletown (City of) OH, Variable Rate Hospital Facilities Revenue Bonds (Atrium Medical Center, OH Project), Series 2008B $49.075MM
Middletown (City of) Ohio, Hospital Facilities Revenue Bonds, (Atrium Medical Center Obligated Group Project) Series 2008A
Mississippi Business Finance Corporation, Variable Rate Demand Revenue Bonds (Trustmark Park Hotel, LLC Project), Series 2006
Monmouth (City of) IL, Variable Rate Demand Industrial Project Revenue Bonds (Monmouth College, IL Project), Series 2005, $6.500MM
Montgomery County Housing Opportunities Commission, MD, Single Family Mortgage Revenue Bonds, Series 2002C (Non-AMT), Series 2007E (Federally Taxable), Series 2007F (AMT) and Series 2008C (AMT), $43.655MM
Montgomery County Housing Opportunities Commission, MD, Single Family Mortgage Revenue Bonds, Series 2008D (Taxable), $17.2MM
Montgomery County Industrial Development Authority, Revenue Bonds (LaSalle College High School Project), Series 2007, $22,500
Montgomery County Industrial Development Authority, Taxable Revenue Bonds (LaSalle College High School Project), Series 2007
New Castle (County of) DE, Student Housing Refunding Revenue Bonds (University Courtyard Apartments Project), Series 2005, $44.965 MM
New Jersey Economic Development Authority, Variable Rate Demand Revenue Bonds (Falcon Safety Products, Inc. Project), Series 2002, $3MM
New Jersey Economic Development Authority, Variable Rate Industrial Development Revenue Bonds (Advanced Drainage Systems, Inc
New Jersey Economic Development Authority, Variable Rate Revenue Bonds, 1998, (Job Haines Home Project)
New Jersey Health Facilities Financing Authority, Variable Rate Composite Program, Series 2006 A-1 through Series 2006 A-6
New York State Housing Finance Agency, Housing Revenue Bonds (160 Madison Avenue Project), 2013 Ser. A & 2013 Ser. B, $140MM
New York State Housing Finance Agency, Housing Revenue Bonds (160 Madison Avenue Project), 2014 Series A, $68.555MM
New York State Housing Finance Agency, Housing Revenue Bonds (Navy Pier Court Project), Ser. 2014A, $23.7MM
Northeastern Pennsylvania Hospital & Education Authority, Revenue Bonds, (Commonwealth Medical College Project) Series 2009, $40MM
Ohio (State of), Variable Rate Economic Development Revenue Bonds (Goodwill Industries of the Miami Valley Project), Series 2003, $7.320MM
Ohio Air Quality Development Authority, Multi-Modal Interchangeable Rate Air Quality Development Revenue Refunding Bonds (Timken Company (The) Project), Series 2001, $9.500MM
Ohio Higher Educational Facility Commission, State of Ohio, Higher Educational Facility Variable Rate Revenue Bonds (Capital
OSF Finance Company, LLC, Adjustable Rate Taxable Securities, Series 2007, $26MM
Pennsylvania Economic Dev. Fin. Auth.
Pennsylvania Economic Development Fin. Auth., Taxable & Economic Development Revenue Bonds, 2000A, $10.475MM
Pennsylvania Economic Development Fin. Auth., Econ. /Taxable Dev. Revenue Bonds, 1998F-1, F-3, F-4 (Tax-Exempt) & B-2 (Taxable), $5.45MM
Pennsylvania Economic Development Fin. Auth., Econ./Taxable Dev. Revenue Bonds, 1998 B-1,2,3,4,5,6,7,8,9 & C-1(Tax-Exempt) & 1998-A1 & 1998-A2 (Taxable), $12.975MM
Pennsylvania Economic Development Fin. Auth., Economic Development Revenue Bonds, (Paper & Inc. Project) 1998G, $22.150MM
Pennsylvania Economic Development Fin. Auth., Economic Development Revenue Bonds, 1996D1,D2,D4-D
Pennsylvania Economic Development Fin. Auth., Economic Development Revenue Bonds, 1997A,B, $14.125MM
Pennsylvania Economic Development Fin. Auth., Economic Development Revenue Bonds, 1999A(Taxable), C,E, $14.55MM
Pennsylvania Higher Educational Fac Authority, 2000G1-G4, $15.8MM
Pennsylvania Higher Educational Fac Authority, Revenue Bonds, 1998C1-C6, (Association of Independent Colleges and Universities of Pennsylvania Financing Program), $32.8MM
Pennsylvania Higher Educational Fac Authority, Revenue Bonds, 2000F-1,2,3, (Association of Independent Colleges and Universities of Pennsylvania), $20.6MM
Pennsylvania Higher Educational Facilities Authority, Association of Independent Colleges and Universities of Pennsylvania Financing Program (Composite Issue), Series 2001 H1 - H9, $52.100MM
Pennsylvania Higher Educational Facilities Authority, Association of Independent Colleges and Universities of Pennsylvania Financing Program) Series 2001 I1 to I6
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Composite Issue), Series 2002-J1 through 2002-J4, $26.4MM
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Composite Issue), Series 2004 N-1 through 2004 N-2, $6MM
Pennsylvania State Public School Building Authority, Variable Rate Demand Revenue Bonds, (South Park School District Project) Series 2009 A & B $24.965
Philadelphia (City of) PA, Gas Works Revenue Refunding Bonds, Eighth Series B, C, D, & E (1998 General Ordinance)
Philadelphia Authority for Industrial Development, PA, Multi-Modal Lease Revenue Refunding Bonds, Series 2007B
Philadelphia Authority for Industrial Development, PA, Revenue Bonds (NewCourtland Elder Services Project), Ser. 2007, $20.29
Philadelphia Authority For Industrial Development, Revenue Bonds (NewCourtand Elder Services Project), Series 2003, $62.700MM
Pittsburgh Urban Redevelopment Authority, PA, Tax Increment Bonds (Fifth and Market Tax Increment Financing District) Series 2006 (Taxable), $18MM
PNC Bank, N.A.
Quakertown General Authority, Variable Rate Demand Revenue Bonds, 1996A-1, (Pooled Financing Program), $100MM
Seminole County Industrial Development Authority, FL, Variable Rate Industrial Development Bonds (3100 Camp Road, LLC Project
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds (Sisters of Charity Providence Hospitals Project), Series 2002, $40MM
Warren (County of) IL, Variable Rate Demand Industrial Project Revenue Bonds (Monmouth College, IL Project), Series 2002, $12,905,000
Washington (County of) MD, Economic Development Revenue Bonds, 1999, (Saint James School Project), $5MM
Washington County Hospital Authority, Hospital Revenue Bonds, (Monongahela Valley Hospital, PA Project) Series 2011A & Series 2011B, $23MM
Washington County Hospital Authority, PA, Adjustable Rate Demand Hospital Revenue Bonds (Washington Hospital (The) Project),
Washington County Hospital Authority, PA, Adjustable Rate Demand Hospital Revenue Bonds (Washington Hospital (The) Project), Series 2001B, $9.995MM
Washington County Hospital Authority, PA, Adjustable Rate Demand Hospital Revenue Bonds (Washington Hospital, PA Project), Se
Westmoreland County Industrial Development Authority, Adjustable Rate Demand Health Sytem Revenue Bonds, Series 2005-A through Ser. 2005-D
Westmoreland County Industrial Development Authority, PA, Adjustable Rate Demand Health System Revenue Bonds, (Excela Health Project) Series 2010B, $21.2MM
Westmoreland County Industrial Development Authority, Variable Rate Demand Revenue Bonds (Greensburg Thermal Project), Series 2005-A & Series 2005-B (Taxable), $9.86MM
Wilson County Sports Authority, TN, Variable Rate Tax-Exempt Infrastructure Revenue Bonds, 1999, $25.9MM
Wisconsin Health and Educational Facilities Authority, Variable Rate Demand Revenue Bonds (Wheaton Franciscan Services, Inc.
Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by PNC Bank, N.A.

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 A1 from A2. Each of these debts is supported by a letter of credit provided by PNC Bank, N.A. (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

708684DZ5; Pennsylvania Economic Dev. Fin. Auth.

49140EBA4; Kentucky Rural Economic Development Authority

708684JD8; Pennsylvania Economic Dev. Fin. Auth.

708684HV0; Pennsylvania Economic Dev. Fin. Auth.

708684KA2; Pennsylvania Economic Dev. Fin. Auth.

708684KH7; Pennsylvania Economic Dev. Fin. Auth.

017292RW5; Allegheny County Industrial Dev. Auth., PA

708684LU7; Pennsylvania Economic Dev. Fin. Auth.

017292SC8; Allegheny County Industrial Dev. Auth., PA

017292SB0; Allegheny County Industrial Dev. Auth., PA

74752TAC5; Quakertown General Authority

708684MF9; Pennsylvania Economic Dev. Fin. Auth.

407272D67; Hamilton (County of) OH

017292RT2; Allegheny County Industrial Dev. Auth., PA

6459053C2; New Jersey Economic Development Authority

708684NK7; Pennsylvania Economic Dev. Fin. Auth.

70868MAX3; Pennsylvania Economic Dev. Fin. Auth.

70917NBN3; Pennsylvania Higher Educational Facs. Auth.

70917NBR4; Pennsylvania Higher Educational Facs. Auth.

708684PE9; Pennsylvania Economic Dev. Fin. Auth.

708684PZ2; Pennsylvania Economic Dev. Fin. Auth.

708684PT6; Pennsylvania Economic Dev. Fin. Auth.

70868MAY1; Pennsylvania Economic Dev. Fin. Auth.

97218MAA3; Wilson County Sports Authority, TN

937753AY7; Washington (County of) MD

708684QE8; Pennsylvania Economic Dev. Fin. Auth.

70917NGN8; Pennsylvania Higher Educational Facs. Auth.

015304BQ0; Alexandria City Industrial Dev. Auth., VA

250062AC0; Derry Township Ind. & Comm. Dev. Auth., PA

23226LAD5; Cuyahoga (County of) OH

70917NHT4; Pennsylvania Higher Educational Facs. Auth.

017292UB7; Allegheny County Industrial Dev. Auth., PA

677525VN4; Ohio Air Quality Development Authority

70917NJX3; Pennsylvania Higher Educational Facs. Auth.

70917NKB9; Pennsylvania Higher Educational Facs. Auth.

938592GQ9; Washington County Hospital Authority, PA

25006MAA0; Derry Township Ind. & Comm. Dev. Auth., PA

70917NMB7; Pennsylvania Higher Educational Facs. Auth.

132469AB3; Cambridge (City of), OH

232239AD5; Cuyahoga (County of) OH

12355LAA7; Butler (County of) OH

551316AA0; Lyndhurst (City of) OH

70917NMW1; Pennsylvania Higher Educational Facs. Auth.

645916PQ4; New Jersey Economic Development Authority

55272YAA8; MCE MOB IV Limited Partnership

934780AA5; Warren (County of) IL

407272J38; Hamilton (County of) OH

83703EGS8; South Carolina Jobs-Economic Development Auth

165600AA5; Chester County Intermediate Unit, PA

154672AA7; Central Ohio Medical Textiles

717818K31; Philadelphia Authority for Ind. Dev., PA

677555WB6; Ohio (State of)

312441GE2; Fayette (County of) OH

519837AA6; Lawrence County Industrial Dev. Auth., PA

186103BX4; Cleveland-Cuyahoga County Port Authority, OH

70917NK86; Pennsylvania Higher Educational Facs. Auth.

59333EBU6; Miami-Dade County Industrial Dev. Auth., FL

609612AQ9; Monmouth (City of) IL

45200BLT3; Illinois Finance Authority

04144PDS9; Arlington Cnty. I.D.A., VA

017292WC3; Allegheny County Industrial Dev. Auth., PA

01728AB96; Allegheny County Hospital Dev. Auth., PA

01728AC20; Allegheny County Hospital Dev. Auth., PA

2322653Z9; Cuyahoga (County of) OH

0172856S1; Allegheny (County of) PA

0172857T8; Allegheny (County of) PA

961008PZ6; Westmoreland County I.D.A., PA

643284AA0; New Castle (County of) DE

186103EW3; Cleveland-Cuyahoga County Port Authority, OH

186103FE2; Cleveland-Cuyahoga County Port Authority, OH

57583RFL4; Massachusetts Development Finance Agency

45200BZA9; Illinois Finance Authority

58470RAA7; MediLucent MOB I Limited Partnership

725303AD3; Pittsburgh Urban Redevelopment Authority, PA

725303AE1; Pittsburgh Urban Redevelopment Authority, PA

246387MK7; Delaware Economic Development Authority

45479RCF2; Indiana Health & Educational Fac. Fin. Auth.

127581AA4; Cadiz (Village of), OH

67756BSK7; Ohio Higher Educational Facility Commission

605279FY9; Mississippi Business Finance Corporation

64579FJP9; New Jersey Health Care Facilities Fin. Auth.

45200BN38; Illinois Finance Authority

64577LAS1; New Jersey Economic Development Authority

574217G33; Maryland Health & Higher Edl. Fac. Auth.

613609XG6; Montgomery County Industrial Dev Auth, PA

613609XH4; Montgomery County Industrial Dev Auth, PA

152241AP0; Centerville (City of) OH

2548392A0; District of Columbia

312468BN0; Fayette County Hospital Authority, PA

312468BP5; Fayette County Hospital Authority, PA

49126TAA0; Kentucky Economic Development Finance Auth.

49126TAB8; Kentucky Economic Development Finance Auth.

2548392F9; District of Columbia

7178182P2; Philadelphia Authority for Ind. Dev., PA

67103GAA7; OSF Finance Company, LLC, IL

017292WT6; Allegheny County Industrial Dev. Auth., PA

816690AR2; Seminole County Industrial Dev. Auth., FL

545910AN1; Loudoun County Ind. Dev. Auth., VA

2548392M4; District of Columbia

2548392N2; District of Columbia

312074AN7; Fauquier County I.D.A., VA

103462BD8; Boyle (County of) KY

254839RZ8; District of Columbia

01731AAA9; Allegheny County Industrial Dev. Auth., PA

01731AAB7; Allegheny County Industrial Dev. Auth., PA

45200FLF4; Illinois Finance Authority

66455NAB6; Northeastern Pennsylvania Hosp. & Ed. Auth.

092849BU1; Blair County Industrial Dev. Auth., PA

597146AK5; Middletown (City of) OH

490229AF8; Kent (County of) DE

417846AA0; Harveys Lake General Municipal Authority, PA

85732PBU3; Pennsylvania State Public School Bldg. Auth.

85732PBV1; Pennsylvania State Public School Bldg. Auth.

22500PAM5; Crawford County Industrial Devel. Auth., PA

613349V30; Montgomery Cnty. Hsg. Opportunities Comm., MD

45200FJ83; Illinois Finance Authority

594698JQ6; Michigan Strategic Fund

017292XC2; Allegheny County Industrial Dev. Auth., PA

717883LQ3; Philadelphia School District, PA

478271JT7; Johnson City Health & Educ. Fac. Bd., TN

613349S83; Montgomery Cnty. Hsg. Opportunities Comm., MD

613349S91; Montgomery Cnty. Hsg. Opportunities Comm., MD

613349V22; Montgomery Cnty. Hsg. Opportunities Comm., MD

60636ADU4; Missouri State Health & Educ. Facs. Auth.

45203HHP0; Illinois Finance Authority

64986UA72; New York State Housing Finance Agency

64986UB22; New York State Housing Finance Agency

597146AM1; Middletown (City of) OH

64986UR25; New York State Housing Finance Agency

64986UR58; New York State Housing Finance Agency

DEBTS RATED BASED ON JOINT SUPPORT FROM PNC BANK, N.A. AND THE UNDERLYING OBLIGOR

Moodys has upgraded the long term letter of credit supported ratings of the debts listed below to Aa2 from Aa3. Each of these debts is jointly supported by a letter of credit provided by PNC Bank, N.A. (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 A1(cr), Moody's rating of the underlying obligor and Moody's assessment of the joint probability of default by both the Bank and the underlying obligor. These ratings, with the exception indicated, 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 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 letter of credit supported ratings of the debts listed below 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

01728AWN2; Allegheny County Hospital Dev. Auth., PA

961008PU7; Westmoreland County I.D.A., PA

961008PX1; Westmoreland County I.D.A., PA

01728AE51; Allegheny County Hospital Dev. Auth., PA

938592HG0; Washington County Hospital Authority, PA

938592HH8; Washington County Hospital Authority, PA

97710V3X4; Wisconsin Health & Educational Fac. Auth.

040507JU0; Arizona Health Facilities Authority

938592HJ4; Washington County Hospital Authority, PA

01728AS31; Allegheny County Hospital Dev. Auth., PA

45200FWG0; Illinois Finance Authority

7178235S3; Philadelphia (City of) PA*

961008RK7; Westmoreland County I.D.A., PA

01728AZ41; Allegheny County Hospital Dev. Auth., PA

71781QEL8; Philadelphia Authority for Ind. Dev., PA

938592HM7; Washington County Hospital Authority, PA

938592HP0; Washington County Hospital Authority, PA

59259YUB3; Metropolitan Transportation Authority, NY

452152TT8; Illinois (State of)

454690CZ9; Indiana County Hospital Authority, PA

*Long-term rating not under review

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 PNC Bank, N.A.
No Related Data.
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