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 US Bank, National Association
(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
791305GS8; St. Louis Industrial Development Auth.,
MO
707162AT0; Peninsula Ports Authority of Virginia
707162AV5; Peninsula Ports Authority of Virginia
13033JRS3; California Health Facilities Fin.Auth
13033JRT1; California Health Facilities Fin.Auth
13033F7N4; California Health Facilities Fin.Auth
4636323W7; Irvine Ranch Water District, CA
939758AD0; Washington Economic Development Finance Auth.
566822BK7; Maricopa County Industrial Dev. Auth.,
AZ
394375AG4; Greene County Development Authority, GA
394375AF6; Greene County Development Authority, GA
475567AA1; Jeffersontown City (City of) KY
603767JP0; Minneapolis (City of) MN
613052RC5; Montgomery (City of) AL, Industrial Devel Bd
130911GK0; California Statewide Communities Dev. Auth.
051558AH7; Aurora City Housing Authority, CO
03866NAD8; Arapahoe (County of) CO
751630AA2; Ramsey County Hsg. & Redevelopment Auth.,
MN
751630AB0; Ramsey County Hsg. & Redevelopment Auth.,
MN
347107AA2; Fort Collins (City of) CO
57583FXT3; Massachusetts Development Finance Agency
93978PBQ9; Washington State Housing Finance Commission
93978PBR7; Washington State Housing Finance Commission
13077VE40; California Statewide Communities Dev. Auth.
13077VE32; California Statewide Communities Dev. Auth.
45129NCE8; Idaho Housing & Finance Association
46246MDN5; Iowa Finance Authority
407272H97; Hamilton (County of) OH
652002AA4; Newport (City of) KY
45188AAV8; Illinois Development Finance Authority
13077VV41; California Statewide Communities Dev. Auth.
873825CN1; Tahoe Forest Hospital District, CA
348037AA0; Fort Mitchell (City of) KY
259228FV1; Douglas County Hospital Authority 1, NE
736440AA6; Portland Clinic, LLP
93978EUW0; Washington Health Care Facilities Auth
45202PAA3; Illinois International Port District
6041518K9; Minnesota Higher Education Facilities Auth.
6041518L7; Minnesota Higher Education Facilities Auth.
60636JAB0; Missouri Development Finance Board
454909DQ2; Indiana Finance Authority
13033TCC2; California Infrastructure & Econ. Dev.
Bank
85100MAA9; Springfield Public Building Corporation, MO
62384PAA8; Mountain Agency, Inc. (The)
199546BK7; Columbus Regional Airport Authority, OH
463608U31; Irvine Assessment District No. 03-19,
CA
199546BL5; Columbus Regional Airport Authority, OH
788705AA9; St. Clair (County of) IL
616611AA7; Morehead City, Kentucky
801577DU8; Santa Clara County Financing Authority, CA
845524CJ4; Southwestern Illinois Development Authority
436553AA9; Holten Meat, Inc.
00037CGL8; ABAG Finance Authority for Nonprofit Corp. CA
68608JCD1; Oregon Facilities Authority
213247BX6; Cook (County of) IL
602418AE5; Milwaukee City Redevelopment Authority, WI
084522HQ7; Berks County Industrial Development Auth.,
PA
123548AA7; Butler (County of) OH
26879RAA1; EPC - Allentown, LLC
199544AA5; Columbus Regional Airport Authority, OH
64577HPN5; New Jersey Economic Development Authority
544358P65; Los Angeles (City of) CA
514349BM0; Lancaster Industrial Development Auth.,PA
010598AA8; Alabama Municipal Funding Corporation
4636087F0; Irvine Assessment District No. 03-19,
CA
196458U76; Colorado Educational & Cultural Facs. Auth.
764897AA2; Richmond (City of) KY
45200BYY8; Illinois Finance Authority
93978LCW4; Washington State Housing Finance Commission
199544AB3; Columbus Regional Airport Authority, OH
49130RBB5; Kentucky Housing Corporation
CUSIP not available; Kentucky Housing Corporation
1309116Y1; California Statewide Communities Dev. Auth.
1964587R8; Colorado Educational & Cultural Facs. Auth.
60416HKM5; Minnesota Higher Education Facilities Auth.
939781A26; Washington Higher Education Facilities Auth.
97710V7W2; Wisconsin Health & Educational Fac. Auth.
546398XX1; Louisiana Public Facilities Authority
19645RFM8; Colorado Educational & Cultural Facs. Auth.
010598AB6; Alabama Municipal Funding Corporation
45200FGY9; Illinois Finance Authority
65818PGN3; North Carolina Capital Facilities Fin. Agy.
970351AA0; Williamstown (City of) KY
543611AA5; Lorain County Port Authority, OH
736440AB4; Portland Clinic, LLP
13033WV26; California Infrastructure & Econ. Dev.
Bank
56682HBF5; Maricopa County Industrial Dev. Auth.,
AZ
60416MAD5; Minnesota Office of Higher Education
60416MAE3; Minnesota Office of Higher Education
970351AB8; Williamstown (City of) KY
485106CV8; Kansas City (City of) MO
966769CY5; Whittier (City of) CA
852412NZ4; Stafford County & Staunton City I.D.A.,
VA
4636324H9; Irvine Ranch Water District, CA
852412PA7; Stafford County & Staunton City I.D.A.,
VA
40727TBT0; Hamilton (County of) OH
40727TBX1; Hamilton (County of) OH
94309RAV3; Waukesha City Redevelopment Authority, WI
40432QAA4; HP LRHS Land Development
94309RAE1; Waukesha City Redevelopment Authority, WI
94309RAF8; Waukesha City Redevelopment Authority, WI
94309RAG6; Waukesha City Redevelopment Authority, WI
94309RAH4; Waukesha City Redevelopment Authority, WI
94309RAJ0; Waukesha City Redevelopment Authority, WI
94309RAK7; Waukesha City Redevelopment Authority, WI
94309RAL5; Waukesha City Redevelopment Authority, WI
94309RAM3; Waukesha City Redevelopment Authority, WI
94309RAN1; Waukesha City Redevelopment Authority, WI
94309RAP6; Waukesha City Redevelopment Authority, WI
94309RAQ4; Waukesha City Redevelopment Authority, WI
13067RBL6; California Enterprise Development Authority
60416MAX1; Minnesota Office of Higher Education
478271JS9; Johnson City Health & Educ. Fac. Bd.,
TN
78764YCE5; St. Charles Cnty.Pub.Wtr.Supply
Dist. 2, MO
46360RHQ3; Irvine (City of) CA, Reassess. Dist.
05-21
463612GB1; Irvine Unified S.D. Com. Fac.
Dist. No. 09-1
657903KZ2; North Carolina Educ. Fac. Fin. Agy.
463612GF2; Irvine Unified School District, CA
463612GK1; Irvine Unified S.D. Com. Fac.
Dist. No. 09-1
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 US Bank, National Association