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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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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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Related Issuers
Bank of New York Mellon (The)
California Infrastructure & Econ. Dev. Bank
California Infrastructure & Economic Development Bank, Tax-Exempt Variable Rate Demand Revenue Bonds (Los Angeles SPCA Project), Series 2002-A and 2002-B (Taxable), $7MM
California Statewide Communities Dev. Auth.
California Statewide Communities Development Authority, Variable Rate Demand Revenue Bonds (Livermore Valley Performing Arts Center Project), Series 2006, $23.83MM
Chicago (City of) IL
Chicago (City of) IL, Senior Lien Tax Increment Allocation Bonds, 1999A & B(Taxable), (Near North Redevelopment Project)
Delaware River Port Authority, PA
Delaware River Port Authority, Revenue Refunding Bonds, Series A, B and C of 2010, $350MM
GRS River Place Corp.
GRS River Place Corp., Taxable Adjustable Rate Demand Multifamily Housing Refunding Bonds, Series 2007, $25MM
Louisiana Public Facilities Authority
Louisiana Public Facilities Authority, Revenue Bonds, (Inter-Community Health Care Project), $12MM
Massachusetts Housing Finance Agency
Massachusetts Housing Finance Agency, Housing Bonds, 2009 Series A & 2009 Series B, $28.038MM
Montgomery County Ind. Dev. Auth., VA
Montgomery County Industrial Development Authority, VA, Variable Rate Revenue Bonds, (Virginia Tech Foundation Project), Series 2005, $49.83MM
Mount Vernon Ind. Dev. Agcy, NY
Mt. Vernon Industrial Development Agency, NY, Fixed Rate Multifamily Housing Revenue Bonds, (King Court LLC Project), Series 2003, $1.7MM
Mt. Vernon Industrial Development Agency, NY, Fixed Rate Multifamily Housing Revenue Bonds, (Macedonia Towers LLC Project), Series 2003, $5.9MM
New York State Housing Finance Agency
New York State Housing Finance Agency Variable Rate Housing Revenue Bonds (625 West 57th Street) Series 2015 A-1 & A-2 $270M
New York State Housing Finance Agency, Housing Revenue Bonds (625 West 57th Street (Durst Pyramid LLC Project), Ser. 2014A, $30MM
Oakland-Alamdeda County Coliseum Authority, CA Variable Rate Lease Revenue Bonds Series 1996-A1 & A2
Oakland-Alameda County Coliseum Auth., CA
Reno (City of) NV
Reno (City of) NV, Senior Lien Sales Tax Revenue Refunding Bonds (Re-TRAC-Reno Transportation Rail Access Corridor Project),
Sunshine State Governmental Fin. Commis., FL
Sunshine State Governmental Financing Commission, FL, Multimodal Revenue Bonds (Miami Dade County) Series 2010A-B $225.9MM
Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by The Bank of New York Mellon

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 Aa1 from Aa2. Each of these debts is supported by a letter of credit provided by Bank of New York Mellon (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 Aa1(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

672211AF6; Oakland-Alameda County Coliseum Auth., CA

672211AG4; Oakland-Alameda County Coliseum Auth., CA

54640A2C3; Louisiana Public Facilities Authority

167709CW2; Chicago (City of) IL

13033WFZ1; California Infrastructure & Econ. Dev. Bank

13033WGA5; California Infrastructure & Econ. Dev. Bank

623616BH1; Mount Vernon Ind. Dev. Agcy, NY

623616AR0; Mount Vernon Ind. Dev. Agcy, NY

613755BJ5; Montgomery County Industrial Dev. Auth. VA

623616BC2; Mount Vernon Ind. Dev. Agcy, NY

623616BD0; Mount Vernon Ind. Dev. Agcy, NY

623616BE8; Mount Vernon Ind. Dev. Agcy, NY

623616BF5; Mount Vernon Ind. Dev. Agcy, NY

623616BG3; Mount Vernon Ind. Dev. Agcy, NY

623616AL3; Mount Vernon Ind. Dev. Agcy, NY

623616AM1; Mount Vernon Ind. Dev. Agcy, NY

623616AN9; Mount Vernon Ind. Dev. Agcy, NY

623616AP4; Mount Vernon Ind. Dev. Agcy, NY

623616AQ2; Mount Vernon Ind. Dev. Agcy, NY

1309114M9; California Statewide Communities Dev. Auth.

400094AA6; GRS River Place Corp.

759861CF2; Reno (City of) NV

57586NDU2; Massachusetts Housing Finance Agency

57586NDV0; Massachusetts Housing Finance Agency

867868DL2; Sunshine State Governmental Fin. Commis., FL

867868DQ1; Sunshine State Governmental Fin. Commis., FL

64986U2E6; New York State Housing Finance Agency

64986U2F3; New York State Housing Finance Agency

64986U2H9; New York State Housing Finance Agency

DEBT RATED BASED ON JOINT SUPPORT FROM BANK OF NEW YORK MELLON AND UNDERLYING OBLIGOR

Moody's has upgraded the long-term letter of credit backed rating of the debt listed below to Aa1 from Aa2. This debt is jointly supported by a letter of credit provided by The Bank of New York Mellon (the Bank) and the underlying obligor. The letter of credit supported rating is based on the structure and legal protections of the transaction, which provide for timely payment of amounts due bondholders, Moody's long-term counterparty risk assessment of the Bank, currently Aa1(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. This rating was placed under review for upgrade on March 17, 2015. The action announced herein concludes that review.

Moody's is not taking any action on the short-term rating of this debt. 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 rating of this debt.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term letter of credit supported rating of this debt 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

246352FB9; 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 The Bank of New York Mellon
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.

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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.

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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.

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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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