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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.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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