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