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Rating Action:

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

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 Aa3 from A1. Each of these debts is supported by a letter of credit provided by Branch Banking and 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 Aa3(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

160511AT8; Charleston Building Commission, WV

469407AW0; Jacksonville (City of) FL

773445AL5; Rockingham (County of) NC, I.F. & P.C.F.A.

580332AA2; McDowell County I.F. & Poll. Ctrl. Fin. Auth.

65818PBZ1; North Carolina Capital Facilities Fin. Agy.

447231AA9; Huntsville Educational Building Authority, AL

837031LW1; South Carolina Jobs-Economic Development Auth

65818PCA5; North Carolina Capital Facilities Fin. Agy.

65818PDY2; North Carolina Capital Facilities Fin. Agy.

944391AA9; Wayne (County of) GA, Industrial Dev. Auth.

056430AB7; Bacon Industrial Building Authority, GA

196458ZZ9; Colorado Educational & Cultural Facs. Auth.

65818SAD5; North Carolina Capital Facilities Fin. Agy.

65818SAE3; North Carolina Capital Facilities Fin. Agy.

015312DC2; Alexandria City Industrial Dev. Auth., VA

65818PED7; North Carolina Capital Facilities Fin. Agy.

359900RH2; Development Authority of Fulton County, GA

657902Y63; North Carolina Medical Care Commission

65820HXU2; North Carolina Medical Care Commission

346645AC8; The Forsyth County I.F. & P.C.F.A., NC

015312DE8; Alexandria City Industrial Dev. Auth., VA

359900RZ2; Development Authority of Fulton County, GA

254839L27; District of Columbia

196458W33; Colorado Educational & Cultural Facs. Auth.

773445AQ4; Rockingham (County of) NC, I.F. & P.C.F.A.

144765AF1; Carroll County Development Authority, GA

869276AA3; Sussex County I.D.A., VA

984734AA1; Yancey (County of) NC, I.F. & P.C.F.A.

658190AB9; North Carolina Capital Facilities Fin. Agy.

658190AC7; North Carolina Capital Facilities Fin. Agy.

80483CGQ8; Savannah Economic Development Authority, GA

1964586T5; Colorado Educational & Cultural Facs. Auth.

741858HE7; Prince William County I.D.A., VA

837031PK3; South Carolina Jobs-Economic Development Auth

098786EY8; Boone (County of) KY

18600GAA8; Cleveland County I.F. & P.C.F.A., NC

858745BX9; Stephens County Development Authority, GA

6579026Z0; North Carolina Medical Care Commission

65818PFM6; North Carolina Educ. Fac. Fin. Agy.

403723DM8; Gwinnett County Development Authority, GA

6579027B2; North Carolina Medical Care Commission

930868BT0; Wake County I.F. & P.C.F.A., NC (The)

382722AX4; Gordon County Development Authority, GA

80483CGS4; Savannah Economic Development Authority, GA

837031PZ0; South Carolina Jobs-Economic Development Auth

720248GT4; Piedmont Triad Airport Authority, NC

764595BE3; Richmond County Development Authority, GA

720248GU1; Piedmont Triad Airport Authority, NC

130911CL2; California Statewide Communities Dev. Auth.

015312CY5; Alexandria City Industrial Dev. Auth., VA

00037CGR5; ABAG Finance Authority for Nonprofit Corp. CA

64605KWV8; New Jersey Educ. Facs. Auth.

65818PGJ2; North Carolina Capital Facilities Fin. Agy.

837031QR7; South Carolina Jobs-Economic Development Auth

551245GQ0; Lynchburg Industrial Development. Auth., VA

551245GR8; Lynchburg Industrial Development. Auth., VA

551245GU1; Lynchburg Industrial Development. Auth., VA

72316VAK5; Pinellas County Ind. Dev. Authority, FL

380037FL0; Glynn-Brunswick Memorial Hospital Authority

65818PGQ6; North Carolina Capital Facilities Fin. Agy.

2548394K6; District of Columbia

2548394L4; District of Columbia

312074AP2; Fauquier County I.D.A., VA

956622YU2; West Virginia Hospital Finance Authority

956622YV0; West Virginia Hospital Finance Authority

65821DBE0; North Carolina Medical Care Commission

818203BD2; Sevier County Public Building Authority, TN

2548394W0; District of Columbia

30382YAA8; Fairfax County Economic Development Auth., VA

403720CU7; Gwinnett County Development Authority, GA

930868BW3; Wake County I.F. & P.C.F.A., NC (The)

956622YW8; West Virginia Hospital Finance Authority

956622YX6; West Virginia Hospital Finance Authority

095175SQ9; Blount County Public Building Authority, TN

095175TB1; Blount County Public Building Authority, TN

65820HB93; North Carolina Medical Care Commission

837031RM7; South Carolina Jobs-Economic Development Auth

45605NAA1; Blount County Industrial Development Bd., TN

45605NAB9; Blount County Industrial Development Bd., TN

190806CP2; Cobb County Development Authority, GA

149056BL6; Catawba (County of) NC

149056BM4; Catawba (County of) NC

401789CH3; Guilford Cnty Ind Fac & Poll Ctrl Fin Auth,

818200UP0; Sevier County Public Building Authority, TN

837031RV7; South Carolina Jobs-Economic Development Auth

764595BH6; Richmond County Development Authority, GA

731120NP2; Polk County Industrial Devel. Authority, FL

944391AC5; Wayne County I.D.A., PA

RATINGS BASED ON JOINT SUPPORT FROM BRANCH BANKING AND TRUST COMPANY AND THE UNDERLYING OBLIGOR

Moody's has upgraded the long-term letter of credit backed ratings of the debts listed below. Each of these debts is jointly supported by a letter of credit provided by Branch Banking and Trust Company (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 Aa3(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

956624AQ3; West Virginia Hospital Finance Authority

6845035S0; Orange County Health Facilities Authority, FL

65821DAX9; North Carolina Medical Care Commission

65821DAY7; North Carolina Medical Care Commission

49126KFS5; Kentucky Economic Development Finance Auth.

49126KFT3; Kentucky Economic Development Finance Auth.

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

CUSIP; Issuer

095175RQ0; Blount County Public Building Authority, TN

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 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 Branch Banking and Trust Company

No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

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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.

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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.

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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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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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