Actions based on assignment of counterparty risk assessments
New York, May 28, 2015 -- Moody's Investors Service has upgraded the long term ratings of the debts
listed below to A1 from A2.
RATINGS RATIONALE
Each of these debts is supported by a letter of credit provided by Bank
of America, N.A. (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 A1(cr). Each of these ratings was 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 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
386247AA8; Grand Rapids Economic Development Corporation
386247AB6; Grand Rapids Economic Development Corporation
223493AC1; Covington (Town of) TN, Indus. Develop.
Board
764887BC8; Richmond (City of) KY
939783HP4; Washington State Housing Finance Commission
735388H52; Seattle (Port of) Washington
837031FN8; South Carolina Jobs-Economic Development Auth
649717DF9; New York City Trust for Cultural Res., NY
57585JRR4; Massachusetts Health & Educ. Fac. Auth
212251CE0; Contra Costa (County of) CA
182564AR5; Clarksville Public Building Authority, TN
613679AB5; Montgomery County Public Building Auth.,
TN
124640AC7; Byron (Town of), Monroe (Cnty of) WI
38546VBH4; Grand Forks (City of) ND
73551PAN4; Umatilla (Port of) OR
73551PAM6; Umatilla (Port of) OR
544582CF4; Los Angeles (City of) CA
254839FR9; District of Columbia
106538AA9; Breckenridge Terrace, LLC
106538AB7; Breckenridge Terrace, LLC
269476AC1; Eagle (County of) CO
182564AS3; Clarksville Public Building Authority, TN
613679AC3; Montgomery County Public Building Auth.,
TN
88033VAA5; Tenderfoot Seasonal Housing, LLC
74984PAB5; Racetrac Capital, LLC
6069007G7; Missouri State Health & Educ. Facs.
Auth.
10623NAD7; Port Freeport, TX
57585KQU5; Massachusetts Health & Educ. Fac. Auth
435137AA2; Eagle County Holland Creek Metropolitan Dist.
182564AV6; Clarksville Public Building Authority, TN
370745AA9; Gen.Secretariat of the Org.of American State
25477PCD5; District of Columbia Housing Finance Agency
130911JX9; California Statewide Communities Dev. Auth.
613679AD1; Montgomery County Public Building Auth.,
TN
469402ES6; Jacksonville Health Facilities Authority, FL
20774LXE0; Connecticut Health & Educational Fac. Auth.
45188RZ69; Illinois Development Finance Authority
79771RAX9; San Francisco City/Cnty Redev Agy Comm Fac D4
46737RAC7; Jackson County I.D.A., MO
679427AB0; Olathe (City of) KS
592041MY0; Metro Govt of Nashville/Davidson Cnts Hlt/Edu
182564AW4; Clarksville Public Building Authority, TN
721114AA4; Pike County Development Authority, GA
57420NAN1; Maryland Economic Development Corporation
64579E8J8; New Jersey Health Care Facilities Fin. Auth.
791670AA0; St. Louis Parking Com Finance Corp, MO
57420NAQ4; Maryland Economic Development Corporation
20774LD93; Connecticut Health & Educational Fac. Auth.
129708AA1; Calhoun (County of) TX, Navigation District
677525QC4; Ohio Air Quality Development Authority
87972MAB8; Tempe (City of) AZ, I.D.A.
87972MAC6; Tempe (City of) AZ, I.D.A.
613679AE9; Montgomery County Public Building Auth.,
TN
182564AX2; Clarksville Public Building Authority, TN
652259AA0; Newport News Industrial Development Auth.,
VA
254839H48; District of Columbia
679390FB5; Olathe (City of) KS
00037CGM6; ABAG Finance Authority for Nonprofit Corp. CA
655909BP3; Norfolk Redevelopment & Housing Auth.,
VA
852412FD2; Stafford County & Staunton City I.D.A.,
VA
852412EA9; Stafford County & Staunton City I.D.A.,
VA
57420NAR2; Maryland Economic Development Corporation
30382EDB7; Fairfax County Economic Development Auth.,
VA
78764YBE6; St. Charles Cnty.Pub.Wtr.Supply
Dist. 2, MO
83309ADV0; Snohomish County Housing Authority, WA
51770PAC9; Las Vegas (City of) NV
182564AY0; Clarksville Public Building Authority, TN
569564BX4; Marion (City of) IN
613679AF6; Montgomery County Public Building Auth.,
TN
254839K77; District of Columbia
57420NAT8; Maryland Economic Development Corporation
682465AB5; Oneida County Industrial Dev. Agency, NY
682465AC3; Oneida County Industrial Dev. Agency, NY
129708AB9; Calhoun (County of) TX, Navigation District
93978LCY0; Washington State Housing Finance Commission
619271AA7; Morton Grove (Village of) IL
167570PE4; Chicago (City of) IL
83704LCN6; South Carolina Jobs-Economic Development Auth
770001AA3; Roanoke Rapids (City of) NC
649437AE0; Build NYC Resource Corporation
012440JJ3; Albany Industrial Devel. Agency, NY
012440JG9; Albany Industrial Devel. Agency, NY
012440JH7; Albany Industrial Devel. Agency, NY
012440JK0; Albany Industrial Devel. Agency, NY
93978REY5; Washington State Housing Finance Commission
83309AEM9; Snohomish County Housing Authority, WA
944127AB5; Waycross & Ware County Development Auth.,
GA
012440JN4; Albany Industrial Devel. Agency, NY
012440JP9; Albany Industrial Devel. Agency, NY
158042AA9; Chambersburg Municipal Authority, PA
148059AA6; Cass (County of) ND
890099DF8; Tompkins County Ind Dev Agency, NY
19645RDH1; Colorado Educational & Cultural Facs. Auth.
649437AF7; Build NYC Resource Corporation
649437AG5; Build NYC Resource Corporation
182564BA1; Clarksville Public Building Authority, TN
7178182W7; Philadelphia Authority for Ind. Dev.,
PA
852412NW1; Stafford County & Staunton City I.D.A.,
VA
Series 2008B-2; Stafford County & Staunton City I.D.A.,
VA*
613679AG4; Montgomery County Public Building Auth.,
TN
684517MH5; Orange County School Board, FL
786005PD4; Sacramento Municipal Utility District, CA
786005PB8; Sacramento Municipal Utility District, CA
652874BP2; Newton (City of) KS
928104KL1; Virginia Small Business Financing Authority
71782BAA8; Philadelphia Authority for Ind. Dev.,
PA
182564BB9; Clarksville Public Building Authority, TN
45200FSC4; Illinois Finance Authority
546398YV4; Louisiana Public Facilities Authority
594698GZ9; Michigan Strategic Fund
235364AH9; Dallas Performing Arts Cult. Facs. Corp.,
TX
13033WW90; California Infrastructure & Econ. Dev.
Bank
759831CJ7; Reno (City of) NV
64986M2X2; New York State Housing Finance Agency
607874CN2; Moffat (County of) CO
01266QAA7; Albemarle County Economic Dev. Auth.,
VA
4636324K2; Irvine Ranch Water District, CA
161037XV3; Charlotte (City of) NC
768901SZ4; Riverside (County of) CA
182564BD5; Clarksville Public Building Authority, TN
45200FJ67; Illinois Finance Authority
12681XAD0; Cabell (County of) WV
225097AC8; Crawford Education Facilities Corporation, TX
45200F6J3; Illinois Finance Authority
882275AA8; Texas City Industrial Development Corp.,
TX
45203HAH5; Illinois Finance Authority
976831AW7; Public Finance Authority
161036KK3; Charlotte (City of) NC
180858BP6; Clark (County of) NV
64986UUW5; New York State Housing Finance Agency
64986UUZ8; New York State Housing Finance Agency
60637AED0; Missouri State Health & Educ. Facs.
Auth.
64986UB63; New York State Housing Finance Agency
64986UB48; New York State Housing Finance Agency
64986U6G7; New York State Housing Finance Agency
64986U6C6; New York State Housing Finance Agency
*CUSIP not available, series designation provided
DEBTS RATED BASED ON JOINT SUPPORT FROM BANK OF AMERICA, N.A.
AND THE UNDERLYING OBLIGOR
Moodys has upgraded the long-term letter of credit supported ratings
of the debts listed below. Each of the debts listed below is jointly
supported by a letter of credit provided by Bank of America, N.A.
(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 A1(cr),
Moody's rating of the underlying obligor and 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 letter of credit supported ratings of
the debts listed below to Aa2 from Aa3.
CUSIP; Issuer
644614EC9; New Hampshire Health & Educ. Fac. Auth.
59259YTZ2; Metropolitan Transportation Authority, NY
649903C25; Dormitory Authority of the State of New York
649903C33; Dormitory Authority of the State of New York
725304RD3; Pittsburgh Water & Sewer Authority, PA
010685HN8; Alachua County Health Facilities Auth, FL
6499033R0; Dormitory Authority of the State of New York
342816WW1; Florida Municipal Power Agency
5742173V5; Maryland Health & Higher Edl. Fac. Auth.
181004DX7; Clark (County of) NV
121342MY2; Burke County Development Authority, GA
121342MZ9; Burke County Development Authority, GA
97710BB27; Wisconsin Health & Educational Fac. Auth.
20774YCZ8; Connecticut Health & Educational Fac. Auth.
Moodys has upgraded the long term letter of credit supported ratings of
the debts listed below to Aa3 from A1.
CUSIP; Issuer
717818Q68; Philadelphia Authority for Ind. Dev.,
PA
246352EY0; Delaware River Port Authority, PA
RATING METHODOLOGY
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
