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Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by Citibank, N.A.

28 May 2015

Actions based on assignment of counterparty risk assessments

New York, May 28, 2015 --

Moodys 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 Citibank, 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

707162AS2; Peninsula Ports Authority of Virginia

545840AB6; Loudon (City of) TN, Industrial Devel. Board

64577M8C7; New Jersey Economic Development Authority

454898JM0; Indiana Municipal Power Agency

79765PCQ4; San Francisco (City & County of) CA

78587NAG1; Sacramento City Housing Authority, CA

79765TBT1; San Francisco (City & Cnty of) Redev. Agy, CA

67227RAA4; Oakland Joint Powers Financing Authority, CA

79765TBV6; San Francisco (City & Cnty of) Redev. Agy, CA

79765TBW4; San Francisco (City & Cnty of) Redev. Agy, CA

79765PCU5; San Francisco (City & County of) CA

13077V2W1; California Statewide Communities Dev. Auth.

801617ES6; Santa Clara County Housing Authority, CA

544393BE0; Successor Agency to Los Angeles Comm. RDA, CA

641272EV7; Nevada Housing Division

79765TBX2; San Francisco (City & Cnty of) Redev. Agy, CA

786111JE5; Sacramento City Housing Authority, CA

641272FD6; Nevada Housing Division

78587NAU0; Sacramento City Housing Authority, CA

682462JU1; Oneida County Industrial Dev. Agency, NY

649705SW1; New York City Industrial Development Agcy, NY

57419N4K7; Maryland Community Development Administration

64971C7F5; New York City Industrial Development Agcy, NY

64971C7D0; New York City Industrial Development Agcy, NY

64971C7E8; New York City Industrial Development Agcy, NY

46247BAA9; Iowa Finance Authority

906402AH5; Union County Ind Fac & Poll Ctrl Fin Auth.

64986MM93; New York State Housing Finance Agency

64986MN43; New York State Housing Finance Agency

64986MN50; New York State Housing Finance Agency

594615AW6; Michigan State Building Authority

64986MS89; New York State Housing Finance Agency

90068FAA4; Tuscaloosa County Industrial Dev Auth, AL

64986MU29; New York State Housing Finance Agency

98521YAA7; Yavapai County Ind. Dev. Auth., AZ

DEBTS RATED BASED ON JOINT SUPPORT FROM CITIBANK, 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 Citibank, 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

649717MV4; New York City Trust for Cultural Res., NY

1675926Z2; Chicago (City of) IL O'Hare Airport Ent.

Moodys has upgraded the long term letter of credit supported rating of the debt listed below to Aa3 from A1.

CUSIP; Issuer

57563CBF8; Massachusetts Dept. of Trans.- Metro.Hwy.Sys.

RATING METHODOLOGY

The principal methodology used in these ratings 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

Moody's upgrades long-term ratings of municipal VRDBs supported by Citibank, N.A.
No Related Data.
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