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Related Issuers
Albany (City of) NY, Industrial Devel. Auth.
Albany (City of) NY, Industrial Devel. Auth., Industrial Development Revenue Bonds, 1995, (Davies Office Refurbishing, Inc.), $2.5MM
Broomfield Urban Renewal Authority
Broomfield Urban Renewal Authority, Tax Increment Revenue Bonds (Broomfield Event Center Project) Series 2005, $59.785MM
HSBC Bank plc
Iowa Finance Authority
Iowa Finance Authority, Tax-Exempt Variable Demand Industrial Development Revenue Bonds (U.S. Filter Water Project), Series 2001A and 2001B (Taxable), $7.700MM
Metropolitan Nashville Airport Authority, TN
Metropolitan Nashville Airport Authority, TN, Airport Improvement Revenue Bonds, Refunding Series 2008A, $37.6MM
Midlothian (City of) TX, Ind. Dev. Corp.
Midlothian (City of) TX, Industrial Development Corporation, Environmental Facilities Revenue Refunding Bonds (Holcim (US) Inc. Project), Series 2009, $26.700MM
NatWest Markets Plc
New Jersey Economic Development Authority
New Jersey Economic Development Authority Tax-Exempt Adjustable Rate Economic Development Revenue Bond (Chambers Cogeneration Limited Partnership Project) Series 1991 $100MM
New York State Energy Research & Dev. Auth.
New York State Energy Research & Devel. Auth., Electric Fac. Revenue Bonds, 1997A, (Long Island Lighting Company Project.), $24.88MM
Osceola (City of) AR
Osceola (City of) AR, Solid Waste Disposal Revenue Bonds (Plum Point Energy Associates, LLC Project), Series 2006, $100MM
Regional Airports Improvement Corporation, CA
Societe Generale
UBS AG
University Hospitals Health System Inc.
Washington County Ind. Dev. Auth. (The)
Washington County Industrial Development Authority (The), Industrial Development Revenue Bonds, (Bay Gas Storage Company, Ltd
Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by 5 Global Banks

28 May 2015

Actions based on assignment of counterparty risk assessments

New York, May 28, 2015 -- Moody's Investors Service has taken the rating actions discussed herein based on assignment of counterparty risk assessments to the banks listed below:

Bank; Long-term Counterparty Risk Assessment; Short-term Counterparty Risk Assessment

BNP Paribas; Aa3(cr); P-1(cr)

HSBC Bank, PLC; Aa1(cr); P-1(cr)

Societe Generale; A1(cr); P-1(cr)

The Royal Bank of Scotland, PLC; A3(cr); P-2(cr)

UBS, AG; A1(cr); P-1(cr)

RATINGS RATIONALE

Each of the debts listed herein is supported by a letter of credit provided by the bank specified. 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 assessments of the applicable bank. The current counterparty risk assessments of each bank are included in the list above. 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 of the short-term ratings of the debts listed herein. Moody's short-term counterparty risk assessment of the applicable bank has replaced the senior unsecured rating of such bank as an input to the short-term ratings of the debts discussed herein.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The ratings discussed herein would be revised up or down as a result of a change in Moody's long-term counterparty risk assessment of the applicable bank.

DEBTS SUPPORTED BY BNP PARIBAS

Moody's has upgraded the long term letter of credit supported ratings of the debts listed below to Aa3 from A1. Each of these debts is supported by a letter of credit provided by BNP Paribas.

CUSIP; Issuer

64578LAA9; New Jersey Economic Development Authority

114778BB8; Broomfield Urban Renewal Authority

DEBT SUPPORTED BY HSBC BANK, PLC

Moody's has upgraded the long term letter of credit supported rating of the debt listed below to Aa1 from Aa3. The debt is supported by a letter of credit provided by HSBC Bank, PLC.

CUSIP; Issuer

012441KM2; Albany (City of) NY, Industrial Devel. Auth.

DEBTS SUPPORTED BY SOCIETE GENERALE

Moody's has upgraded the long term letter of credit supported rating of the debt listed below to A1 from A2. Each of these debts is supported by a letter of credit provided by Societe Generale.

CUSIP; Issuer

544628DP2; Regional Airports Improvement Corporation, CA

544628DU1; Regional Airports Improvement Corporation, CA

46246HFR5; Iowa Finance Authority

46246HFS3; Iowa Finance Authority

592190JR4; Metropolitan Nashville Airport Authority, TN

DEBTS SUPPORTED BY THE ROYAL BANK OF SCOTLAND, PLC

Moody's has upgraded the long term letter of credit supported ratings of the debts listed below to A3 from Baa1. Each of these debts is supported by a letter of credit provided by the Royal Bank of Scotland, PLC.

CUSIP; Issuer

649841CR2; New York State Energy Research & Dev. Auth.

688008AA9; Osceola (City of) AR

DEBTS SUPPORTED BY UBS AG

Moody's has upgraded the long term ratings of the debts listed below to A1 from A2. Each of these debts is supported by letters of credit provided by UBS AG.

CUSIP; Issuer

937517AA8; Washington County Ind. Dev. Auth. (The)

59785KAB8; Midlothian (City of) TX, Ind. Dev. Corp.

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

Moody's upgrades long-term ratings of municipal VRDBs supported by 5 Global Banks
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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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.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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