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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Related Issuers
ABAG Finance Authority for Nonprofit Corporation, CA, Revenue Bonds, (Pathways Home Health and Hospice Project), Series 2004
Alabama Municipal Funding Corporation, AL, Variable Rate Municipal Funding Notes, Series B
Alabama Municipal Funding Corporation, Variable Rate Municipal Funding Notes, Master Series 2006-A, $20MM
Arapahoe (County of) CO, Adjustable Rate Revenue Bonds (Excelsior Youth Centers, Project), Series 2001, $5.2MM
Aurora City Housing Authority, CO, Multifamily Housing Revenue Bonds, 2001A,B, (Residences at 6th Avenue Project) , $5.121MM
Berks County Industrial Development Authority, PA, Variable Rate Demand Revenue Bonds (Fleetwood Industries Business Trust Project), Series 2005, $4.885MM
Butler (County of) Ohio, Capital Funding Revenue Bonds (CCAO Low Cost Capital Pooled Financing Program) (County Commissioners Association of Ohio Project), Senior Series 2005-A, $46.655MM
California Enterprise Development Authority Variable Rate Demand Revenue Bonds (Robert Louis Stevenson School Project) Series 2011 $15.3MM
California Health Facilities Fin.Auth
California Health Facilities Financing Auth., Variable Rt. Hosp. Revenue Bonds, 1998A, B, C, (Adventist Health System/West), $114.5MM
California Infrastructure and Economic Development Bank, CA, Variable Rate Demand Industrial Development Revenue Bonds, (Traditional Baking, Inc. Project), Series 2003, $2.50MM
California Infrastructure and Economic Development Bank, Variable Rate Refunding Revenue Bonds (American National Red Cross P
California Statewide Communities Devel. Auth., Adjustable Rate Development Revenue Bonds, 2001, (Robert Louis Stevenson School Project), $13MM
California Statewide Communities Development Authority, CA, Variable Rate Revenue Refunding Bonds (Sweep Loan Program Project)
California Statewide Communities Development Authority, Multifamily Housing Revenue Bonds (Birchcrest Apartments Project), Series 2001S and 2001 S-T (Taxable), $3.3MM
California Statewide Communities Development Authority, Variable Rate Demand Multifamily Housing Revenue Bonds, (Lake Merritt Apartments Project), 2002 Series R, $3.7M
City of Kansas City, Missouri Variable Rate Demand Taxable Special Obligation Refunding Bonds (909 Walnut Parking Facility Project.) Series 2009A $7.5M
City of Newport, Kentucky,Kentucky League of Cities Funding Trust Lease Program Revenue Bonds, Series 2002, $50M
Colorado Education and Cultural Facilities Authority, Variable Rate Demand Revenue Bonds, (National Jewish Federation Bond Program), Series C-2, $3.5MM
Colorado Educational & Cultural Facilities Authority, CO, Adjustable Rate Demand Revenue Bonds (Nampa Christian Schools Proje
Colorado Educational & Cultural Facilities, CO, Variable Rate Demand Revenue Bonds (National Jewish Federation Bonds Program)
Columbus Regional Airport Authority, Capital Funding Revenue Bonds, (OASBO Expanded Asset Pooled Financing Program), Senior S
Columbus Regional Airport Authority, Capital Regional Airport Authority Capital Funding Revenue Bonds (OASBO Expanded Asset Pooled Financing Program), (Ohio Association of School Business Officials Project), Senior Series 2005, $69.210MM
Columbus Regional Airport Authority, OH, Capital Regional Airport Authority Capital Fundings Revenue Bonds (The Ohio Municipal Board Pooled Financing Program), Series 2004-A, $26.705MM
Columbus Regional Airport Authority, OH, Capital Regional Airport Authority Funding Revenue Bonds (Ohio Association of School Business Officials Project), Senior Series 2004-A, $55.725MM
Cook (County of) IL, Adjustable Rate Demand Revenue Bonds, Series 2005 (Catholic Theological Union Project), $28.5MM
Douglas County Hospital Authority 1, NE, Adjustable Rate Demand Refunding and Revenue Bonds (Florence Home Project), Series 2002, $9.100MM
EPC - Allentown, LLC, Incremental Taxable Variable Rate Demand, Series 2005, $1.0MM
Fort Collins (City of) CO, Variable Rate Economic Development Revenue Bonds (Residence at Oakridge Project), Series 2001A and 2001B, $3.81MM
Fort Mitchell KY, Lease Program Revenue Bonds (Kentucky League of Cities Funding Trust Project), Series 2002A, $50MM
Greene County Development Authority, GA, Taxable Industrial Development Revenue Bonds , 2000B, (Reynolds Lodges, L.L.C. Project), $20MM
Greene County Development Authority, GA, Taxable Industrial Development Revenue Bonds, 2000A, (Reynolds Lodges, L.L.C. Project), $40MM
Hamilton (County of) OH, Variable Rate Demand Health Care Facilities Revenue Bonds (Children's Home of Cincinnati (The) Project), Series 2008 & Series 2009, $10.757MM
Hamilton (County of) OH, Variable Rate Demand Hospital Facilities Revenue Bonds (Children's Hospital Medical Center Project), Series 2002, $30MM
Holten Meat, Inc., Variable Rate Demand Taxable Corporate Bonds, Series 2004, $6.475MM
HP LRHS Land Development, Taxable Economic Development Revenue Bonds, Series 2010 $1MM
Idaho Housing and Finance Association, Variable Rate Demand Housing Revenue Bonds (Balmoral II Apartments Development Project), Series 2001, $5.5MM
Illinois Development Finance Authority, Adjustable Rate Demand Revenue Bonds (Uhlich Childrens Home Project), Series 2002, $5.6MM
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds (Uhlich Children's Advantage Network Project), Series 2006, $6MM
Illinois Finance Authority, Adjustable Rate Demand Revenue Bonds, (Chicago Symphony Orchestra Project), Series 2008, $83.015M
Illinois International Port District, Variable Rate Revenue Refunding Bonds, Series 2003, $15MM
Indiana Development Finance Authority, Variable Rate Demand Economic Development Revenue Bonds, (Sheet Metal Workers Local No. 20 Project), Series 2003, $2MM
Iowa Finance Authority, Economic Development Revenue Bonds (Iowa West Foundation Project), Series 2002, $15MM
Irvine (City of) CA, Reassessment District No. 05-21, Limited Obligation Improvement Bonds, Adjustable Rate Series A, $79.265MM
Irvine Assessment District No. 03-19, CA, Limited Obligation Improvement Bonds, Adjustable Rate Series A, $84 MM
Irvine Assessment District No. 03-19, CA, Limited Obligation Iprovements Bonds, Adjustable Rate Series B, $37.6MM
Irvine Ranch Water District, Bonds of the Irvine Ranch Water District, Consolidated Series 2009A and Series 2009B, $150MM
Irvine Ranch Water District, CA, Adjustable Rate GOB Ser. 1993 $38.3MM
Irvine Unified School District Community Facilities District No. 09-1, Special Tax Notes, Series 2012A & Series 2012B, $113.64MM
Irvine Unified School District, CA, Adjustable Rate Special Tax Bonds (Community Facilities District No. 09-1 Project), Series 2014A, $35.5MM
Irvine USD, CA, Community Facilities District No. 09-1 Adjustable Rate Special Tax Bonds, Ser. 2014B & Ser. 2014C
Jeffersontown City (City of) KY, Lease Program Revenue Bonds, 2000, $50MM
Johnson City Health & Educational Facilities Board, TN, Hospital Revenue Bonds (Mountain States Health Alliance, TN Project), Series 2011A & Series 2011B, $85.26 MM
Kentucky Housing Corporation, Variable Rate Demand Conduit Multifamily Mortgage Revenue Bonds (Arbors of Madisonville Apartme
Lancaster Industrial Development Authority, PA, Variable Rate Demand Revenue Bonds (Purple Cow Partners, LLC), Series 2005, $5,000,000
Lorain County Port Authority, Variable Rate Educational Facilities Revenue Bonds, (St. Ignatius High School Project), Series
Los Angeles (City of) CA, Adjustable Rate Certificates of Participation (Kadima Hebrew Academy Project), Series 2005A, $7.300MM
Louisiana Public Facilities Authority, LA, Revenue Bonds (Coca-Cola Bottling Company Consolidated Project), Series 2008, $36.
Maricopa County Industrial Dev. Auth., AZ, Tax Exempt Adjustable Mode Industrial Development Revenue Bonds, 1998, (Clayton Homes, Inc. Project), $.2MM
Maricopa County Industrial Development Authority, (The), Variable Rate Demand Revenue Bonds, (Valley of the Sun YMCA Project), Series 2008, $30MM
Massachusetts Development Finance Agency, Variable Rate Demand Revenue Bonds (New Bedford Waste Issue), Series 2001, $5MM
Minneapolis (City of) MN, Multifamily Housing Revenue Bonds, 2000, (Gaar Scott Loft Project), $3.445MM
Minnesota Higher Education Facilities Authority, Variable Rate Demand Revenue Bonds (Concordia University, St. Paul Project),
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Minnesota Office of Higher Education Adjustable Rate Revenue Bonds (Supplemental Student Loan Program) Series 2011 A & B $85MM
Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds 2008 Series A (Taxable) and Series B (Tax-Exempt), $100MM
Missouri Development Finance Board, Lease Revenue Bonds (Missouri Association of Municipal Utilities Project), Series 2003, $33.450MM
Montgomery (City of) AL, Industrial Devel Bd, Variable Rate Industrial Development Revenue Bonds, 2001, (Hager HInge Project), $3.7MM
Morehead City, Kentucky, Kentucky League of Cities Funding Trust Lease Program Revenue Bonds, Series 2004A, $50MM
Mountain Agency, Inc. (The), Adjustable Rate Taxable Securities, Series 2003, $26.570MM
New Jersey Economic Development Authority, Variable Rate Economic Development Bonds, (Princeton Day School, Inc. Project), Series 2005, $15MM
North Carolina Capital Facilities Finance Agency, Variable Rate Revenue Bonds, (Charlotte Country Day School Project), Series 2008, $12.165MM
North Carolina Educational Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bonds (Charlotte Country Day School Project) Series 2000 $8.94MM
Oregon Facilities Authority, Adjustable Rate Revenue Bonds (Oregon Episcopal School Project), Series 2004, $12MM
Peninsula Ports Authority of Virginia, Adjustable Rate Coal Terminal Revenue Refunding Bonds Series 1987 A-D $99.6MM
Portland Clinic, LLP, Taxable Variable Rate Demand Bonds, Series 2002, $15MM
Portland Clinic, LLP, Taxable Variable Rate Demand Bonds, Series 2008, $12MM
Ramsey County Housing & Redevelopment Authority, MN, Mulifamily Housing Revenue Bonds (Hanover Townhouses Project), Series 2001, $3.23MM
Redevelopment Authority of the City of Milwaukee (WISCONSIN) Variable Rate Demand Redevelopment Lease Revenue Bonds, Series 2005 (UNIVERSITY OF WISCONSIN-MILWAUKEE KENILWORTH PROJECT), $68.2MM
Richmond (City of) KY, Lease Program Revenue Bonds (Kentucky League of Cities Funding Trust Project), Variable Rate, Series 2006A, $50MM
Santa Clara County Financing Authority, CA, Lease Revenue Bonds (Housing Authority Office Project), Series 2004-A, $3,560,000
Southwestern Illinois Development Authority, Variable Rate Demand Industrial Refunding Revenue Bonds (Holten Meat, Inc. Project), Series 2004, $6.860MM
Springfield Public Building Corporation, Missouri, Taxable Variable Rate Demand Revenue Bonds, (Springfield (City of) MO Jordan Valley Ice Park Project), Series 2003, $10.255MM
St. Charles County Public Water Supply District 2, MO, Variable Rate Demand Certificates of Participation (Public Water Supply District 2 of St. Charles County, Missouri Project) Series 2011, $22MM
St. Clair (County of) IL, Variable Rate Revenue Bonds (McKendree College, IL Project), Series 2004, $6.470MM
ST. Louis Industrial Development Authority, MO, Revenue Variable Rate-Schnuck Markets Inc.-Kirkwood, Ser. 1985 $5.25M
Stafford County and Staunton Industrial Development Authority, VA, Variable Rate Demand Revenue Bonds (VML/VACo Commonwealth Loan Program Project), Series 2009A-1 and Series 2009A-2 (Taxable)
Tahoe Forest Hospital District, CA, (Placer and Nevada Counties), Variable Rate Demand Health Facility Revenue Bonds, Ser. 2002, $12MM
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Washington Economic Development Finance Auth., Variable Rate Demand Economic Development Bonds, 1998, (Pioneer Human Services Project), $10.785MM
Washington Health Care Facilities Authority, Weekly Rate Demand Revenue Bonds (Washington Association of Community and Migrant Health Centers Project), Series 2003, $8.97MM
Washington Higher Education Facilities Authority, WA, Variable Rate Demand Refunding Revenue Bonds (Seattle University Projec
Washington State Housing Finance Commission, Variable Rate Demand Multifamily Housing Revenue Bonds (Country Club Apartments Project), Series 2001 A and 2001B (Taxable), $12.920M
Washington State Housing Finance Commission, WA, Variable Rate Demand Nonprofit Revenue Bonds (YMCA of Tacoma-Pierce County Project), Series 2006, $12,500,000
Waukesha City Redevelopment Authority, WI, Fixed Rate Redevelopment Revenue Bonds, (Weldall Mfg. Inc. Project) Series 2010 $10.275MM
Whittier (City of) CA, Health Facility Revenue Bonds, (Presbyterian Intercommunity Hospital Project), Series 2009A, 2009B, and 2009C, $222MM
Williamstown (City of) KY, League of Cities Funding Trust Lease Program Revenue Bonds, Variable Rate 2008 Series A, $50MM
Williamstown (City of) KY, Lease Program Revenue Bonds, Variable Rate (Kentucky Association of Cities Funding Trust Project), Series 2008B, $50MM
Wisconsin Health and Educational Facilities Authority, Variable Rate Demand Revenue Bonds, (Capital Lakes, Inc. Project), Series 2008B, $29.38MM
Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by US Bank, National Association

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 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
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.

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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.

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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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