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Rating Action:

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

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 Aa2 from Aa3. Each of these debts is supported by a letter of credit provided by TD 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 Aa2(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

575855N23; Massachusetts Development Finance Agency

574215RC5; Maryland Health & Higher Edl. Fac. Auth.

574215RD3; Maryland Health & Higher Edl. Fac. Auth.

544358WX8; Los Angeles (City of) CA

64971CVE1; New York City Industrial Development Agcy, NY

267041EM9; Dutchess County Industrial Devel. Agcy., NY

57583FWJ6; Massachusetts Development Finance Agency

64971CWX8; New York City Industrial Development Agcy, NY

64971CYC2; New York City Industrial Development Agcy, NY

644614EF2; New Hampshire Health & Educ. Fac. Auth.

64579E5V4; New Jersey Health Care Facilities Fin. Auth.

9241602H6; Vermont Educational & Hlth. Bldgs. Fin. Agy.

645916RU3; New Jersey Economic Development Authority

64605LBW7; New Jersey Educ. Facs. Auth.

9241603Z5; Vermont Educational & Hlth. Bldgs. Fin. Agy.

717818L89; Philadelphia Authority for Ind. Dev., PA

15626QAA2; Centrastate Medical Arts Building LLC

649705SR2; New York City Industrial Development Agcy, NY

57583F4G3; Massachusetts Development Finance Agency

64579FDB6; New Jersey Health Care Facilities Fin. Auth.

957368FW8; Westchester County I.D.A., NY

890099CQ5; Tompkins County Ind Dev Agency, NY

64971C3T9; New York City Industrial Development Agcy, NY

9241607U2; Vermont Educational & Hlth. Bldgs. Fin. Agy.

64971C3U6; New York City Industrial Development Agcy, NY

21923RAW0; Cornerstone Funding Corporation I

196458ZY2; Colorado Educational & Cultural Facs. Auth.

57583RAA3; Massachusetts Development Finance Agency

924160X66; Vermont Educational & Hlth. Bldgs. Fin. Agy.

957368GJ6; Westchester County I.D.A., NY

64971C4S0; New York City Industrial Development Agcy, NY

20774L2Z7; Connecticut Health & Educational Fac. Auth.

9241607X6; Vermont Educational & Hlth. Bldgs. Fin. Agy.

196458P98; Colorado Educational & Cultural Facs. Auth.

196458Q22; Colorado Educational & Cultural Facs. Auth.

645918BX0; New Jersey Economic Development Authority

746640AB7; Putnam County Industrial Dev. Agy, NY

746640AC5; Putnam County Industrial Dev. Agy, NY

121654AA5; Burlington County Bridge Commission, NJ

196458U68; Colorado Educational & Cultural Facs. Auth.

207565AA0; Connecticut Development Authority

207565AB8; Connecticut Development Authority

644614N62; New Hampshire Health & Educ. Fac. Auth.

986084AL5; Yonkers Industrial Development Agency, NY

986084AM3; Yonkers Industrial Development Agency, NY

649438AE8; New York City Industrial Development Agcy, NY

57583RFX8; Massachusetts Development Finance Agency

57583RGN9; Massachusetts Development Finance Agency

57583RGP4; Massachusetts Development Finance Agency

64579FJT1; New Jersey Health Care Facilities Fin. Auth.

57586CVK8; Massachusetts Health & Educ. Fac. Auth

20774UNU5; Connecticut Health & Educational Fac. Auth.

644614SX8; New Hampshire Health & Educ. Fac. Auth.

762243YZ0; Rhode Island Health & Educational Bldg Corp

267041GN5; Dutchess County Industrial Devel. Agcy., NY

98584EAA5; Yeshivas Novominsk, NY

64579FWR0; New Jersey Health Care Facilities Fin. Auth.

57586C7E9; Massachusetts Health & Educ. Fac. Auth

254839RY1; District of Columbia

57586C7U3; Massachusetts Health & Educ. Fac. Auth

56042BBR7; Maine Finance Authority

64461QAA8; New Hampshire St. Business Finance Authority

924166CK5; Vermont Educational & Hlth. Bldgs. Fin. Agy.

657883CP7; North Broward Hospital District, FL

762197CL3; Rhode Island Health & Educational Bldg Corp

644614WM7; New Hampshire Health & Educ. Fac. Auth.

64983U7T1; Dormitory Authority of the State of New York

64983TZS5; Dormitory Authority of the State of New York

64983QV30; Dormitory Authority of the State of New York

70917RTE5; Pennsylvania Higher Educational Facs. Auth.

645918TV5; New Jersey Economic Development Authority

24600NAC7; Delaware County Authority, PA

649438HQ4; New York City Industrial Development Agcy, NY

6499038N4; Dormitory Authority of the State of New York

6499038C8; Dormitory Authority of the State of New York

6499038D6; Dormitory Authority of the State of New York

6499038E4; Dormitory Authority of the State of New York

6499038F1; Dormitory Authority of the State of New York

6499038G9; Dormitory Authority of the State of New York

6499038H7; Dormitory Authority of the State of New York

6499038J3; Dormitory Authority of the State of New York

6499038K0; Dormitory Authority of the State of New York

6499038L8; Dormitory Authority of the State of New York

6499038M6; Dormitory Authority of the State of New York

57586EGT2; Massachusetts Health & Educ. Fac. Auth

613609SQ0; Montgomery County Industrial Dev Auth, PA

63167NAY2; Nassau Health Care Corporation, NY

63167NBA3; Nassau Health Care Corporation, NY

717883HW5; Philadelphia School District, PA

649905DG8; Dormitory Authority of the State of New York

649905GM2; Dormitory Authority of the State of New York

762243ZA4; Rhode Island Health & Educational Bldg Corp

649905WE2; Dormitory Authority of the State of New York

57583RZ40; Massachusetts Development Finance Agency

64986UED5; New York State Housing Finance Agency

64986UEB9; New York State Housing Finance Agency

61334MXK1; Montgomery Cnty. Hsg. Opportunities Comm., MD

61334MXL9; Montgomery Cnty. Hsg. Opportunities Comm., MD

61334MND8; Montgomery Cnty. Hsg. Opportunities Comm., MD

61334MNE6; Montgomery Cnty. Hsg. Opportunities Comm., MD

19645RPQ8; Colorado Educational & Cultural Facs. Auth.

20758CAA3; Connecticut Innovations, Incorporated

57586NUP4; Massachusetts Housing Finance Agency

12008EEN2; Build NYC Resource Corporation

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

Moodys has upgraded the long-term letter of credit supported ratings of the debts listed below. Each of the debts listed below is jointly supported by a letter of credit provided by TD 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 Aa2(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.

Moodys has upgraded the long term ratings of the debts listed below to Aa1 from Aa2.

CUSIP; Issuer

228766AA9; Crozer-Keystone Health System

649905PP5; Dormitory Authority of the State of New York

649905PQ3; Dormitory Authority of the State of New York

Moodys has upgraded the long term ratings of the debt listed below to Aa2 from Aa3.

CUSIP; Issuer

246352EX2; Delaware River Port Authority, PA

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 ratings of municipal VRDBs supported by TD Bank, N.A.
No Related Data.
© 2019 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 INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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