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 Aa2 from Aa3.
RATINGS RATIONALE
Each of these debts is supported by a letter of credit provided by JP
Morgan Chase Bank, 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 Aa2(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
112099AA4; Broken Arrow Econ. Dev. Auth.,
OK
452008WQ4; Illinois Health Facilities Authority
452008WP6; Illinois Health Facilities Authority
291147BW5; Emery (County of) UT
781681AU5; Rural Electric Cooperative Gr. Tr. (KEPCO)
451908QY6; Illinois Development Finance Authority
546510EB0; Louisiana Offshore Terminal Authority
663549KK8; Northampton County I.D.A.,
PA
663549KL6; Northampton County I.D.A.,
PA
289470AA4; Elmhurst Jt Comm Accreditation Hlthcare Org
452008WL5; Illinois Health Facilities Authority
45200LAS5; Illinois Health Facilities Authority
575914KG0; Massachusetts Development Finance Agency
645793BJ8; New Jersey Health Care Facilities Fin. Auth.
645793BK5; New Jersey Health Care Facilities Fin. Auth.
645793BL3; New Jersey Health Care Facilities Fin. Auth.
645793BM1; New Jersey Health Care Facilities Fin. Auth.
670390AN3; Nueces County Health Facility Dev. Corp.
649660NW3; New York (City of) NY
452008UN3; Illinois Health Facilities Authority
452008UP8; Illinois Health Facilities Authority
6459053R9; New Jersey Economic Development Authority
10623NAA3; Brazoria County Brazos River Hrbr. Nav.
Dist.
87638LCG3; Tarrant (County of) TX, Health Fac Devel Corp
957368BC6; Westchester County I.D.A.,
NY
191855BC8; Coconino County Pollution Control Corp.,
AZ
6499017Y5; Dormitory Authority of the State of New York
770657AU8; Robeson (County of) NC, Ind. Fac.
& P.C.F.A.
914891EX0; University of Southern Indiana, IN
128323AC6; Calcasieu Parish Industrial Develop. Bd.,
LA
254839WT6; District of Columbia
452001T34; Illinois Educational Facilities Authority
649717KG9; New York City Trust for Cultural Res., NY
10623NAB1; Port Freeport, TX
130175LV2; California Educational Facilities Authority
934899AA3; Warren (County of) KY
407272G56; Hamilton (County of) OH
718911EY2; Phoenix Industrial Development Authority, AZ
45188RRJ0; Illinois Development Finance Authority
13033FHE3; California Health Facilities Fin.Auth
645914AC6; New Jersey Economic Development Authority
645914AD4; New Jersey Economic Development Authority
57583R2T1; Massachusetts Development Finance Agency
038127AW6; Appleton City Redevelopment Authority, WI
10623NAF2; Port Freeport, TX
914085AH8; University Athletic Associates, Inc; FL
45188R2N8; Illinois Development Finance Authority
45200PN94; Illinois Health Facilities Authority
45200PVN4; Illinois Health Facilities Authority
70917NSY1; Pennsylvania Higher Educational Facs. Auth.
70917NTA2; Pennsylvania Higher Educational Facs. Auth.
130911MB3; California Statewide Communities Dev. Auth.
64579E7X8; New Jersey Health Care Facilities Fin. Auth.
56301QAA8; Manhattan (City of) KS
130175A85; California Educational Facilities Authority
677525VM6; Ohio Air Quality Development Authority
97710VKD9; Wisconsin Health & Educational Fac. Auth.
45188R7M5; Illinois Development Finance Authority
597140AA0; Middletown (City of) OH
64577HNK3; New Jersey Economic Development Authority
455048U48; Indiana Educational Facilities Authority
64971CV43; New York City Industrial Development Agcy, NY
45200PZU4; Illinois Health Facilities Authority
403723DJ5; Gwinnett County Development Authority, GA
586016AP2; Memorial Health System, IL
64971C3V4; New York City Industrial Development Agcy, NY
797793AA4; San Gabriel Health Facilities Dev. Corp.
20774L2B0; Connecticut Health & Educational Fac. Auth.
213247BY4; Cook (County of) IL
082108AA9; Benjamin Rose Institute
97670PAL3; Wisconsin Health & Educational Fac. Auth.
1301757W6; California Educational Facilities Authority
45200BVC9; Illinois Finance Authority
45200BVD7; Illinois Finance Authority
64971C6G4; New York City Industrial Development Agcy, NY
64971C6H2; New York City Industrial Development Agcy, NY
64971C6J8; New York City Industrial Development Agcy, NY
60688AAA8; MMC Corporation
57583RUV5; Massachusetts Development Finance Agency
45200BXS2; Illinois Finance Authority
97710VC55; Wisconsin Health & Educational Fac. Auth.
645914AE2; New Jersey Economic Development Authority
64986MF34; New York State Housing Finance Agency
541593AQ2; Lombard (Village of) IL
64579FJQ7; New Jersey Health Care Facilities Fin. Auth.
97710VT73; Wisconsin Health & Educational Fac. Auth.
45200B3Y2; Illinois Finance Authority
45200B5D6; Illinois Finance Authority
97710V3T3; Wisconsin Health & Educational Fac. Auth.
97710V3U0; Wisconsin Health & Educational Fac. Auth.
186103FJ1; Cleveland-Cuyahoga County Port Authority,
OH
45200BHK7; Illinois Finance Authority
407272M34; Hamilton (County of) OH
186103FK8; Cleveland-Cuyahoga County Port Authority,
OH
19645RCM1; Colorado Educational & Cultural Facs. Auth.
2548392H5; District of Columbia
45203HKM3; Illinois Finance Authority
837031QH9; South Carolina Jobs-Economic Development Auth
649437AD2; Build NYC Resource Corporation
610752EK9; Monroe County Industrial Dev. Agency, NY
782563AT7; Russell (County of) KS
92268PAS7; Venice (City of) FL
45203HKN1; Illinois Finance Authority
764595BD5; Richmond County Development Authority, GA
594698EC2; Michigan Strategic Fund
97710V7Y8; Wisconsin Health & Educational Fac. Auth.
186102AB5; Cleveland-Cuyahoga County Port Authority,
OH
793122AA0; St. Paul's Episcopal Church of Indianapolis
594698EH1; Michigan Strategic Fund
934899AC9; Warren (County of) KY
57586CDV4; Massachusetts Health & Educ. Fac. Auth
986083BN2; Yonkers Industrial Development Agency, NY
67756BWR7; Ohio Higher Educational Facility Commission
462466BV4; Iowa Finance Authority
592143AY7; Metropolitan Higher Education Auth, Inc, TX
349247TX4; Fort Wayne (City of) IN
19645RGM7; Colorado Educational & Cultural Facs. Auth.
645779BT5; New Jersey Economic Development Authority
132047BY6; Cambria County Industrial Develop. Auth.,
PA
45505RBM6; Indiana Finance Authority
274722DX2; East Rochester (Village of) NY, Housing Auth.
605279JK5; Mississippi Business Finance Corporation
235364AG1; Dallas Performing Arts Cult. Facs. Corp.,
TX
45200FSG5; Illinois Finance Authority
287468EM0; Elkhart (County of) IN, Hospital Authority
649438HP6; New York City Industrial Development Agcy, NY
649438HR2; New York City Industrial Development Agcy, NY
63167NAV8; Nassau Health Care Corporation, NY
936199AJ7; Warrick (County of) IN
485106CY2; Kansas City (City of) MO
485106CZ9; Kansas City (City of) MO
485106CW6; Kansas City (City of) MO
63167NAX4; Nassau Health Care Corporation, NY
63167NBB1; Nassau Health Care Corporation, NY
191855AY1; Coconino County Pollution Control Corp.,
AZ
603695FU6; St. Paul Housing & Redevelopment Auth.,
MN
603695FV4; St. Paul Housing & Redevelopment Auth.,
MN
45200FJ75; Illinois Finance Authority
25483VAB0; District of Columbia
82382LAJ8; Sheridan Redevelopment Agency, CO
82382LAK5; Sheridan Redevelopment Agency, CO
45471AEQ1; Indiana Finance Authority
19645RPC9; Colorado Educational & Cultural Facs. Auth.
Series 1996 A; Successor Agcy. to the Redevel. Agcy.
Of the City of San Jose, CA *
Series 1996 B; Successor Agcy. to the Redevel. Agcy.
Of the City of San Jose, CA *
Series 2003 A; Successor Agcy. to the Redevel. Agcy.
Of the City of San Jose, CA *
Series 2003 B; Successor Agcy. to the Redevel. Agcy.
Of the City of San Jose, CA*
803484BU7; Saratoga County I.D.A., NY
546510FH6; Louisiana Offshore Terminal Authority
64986U4F1; New York State Housing Finance Agency
64986U4H7; New York State Housing Finance Agency
98157LAD0; World Wildlife Fund, DC
*CUSIP not available, series designation provided
DEBTS RATED BASED ON JOINT SUPPORT FROM JP Morgan Chase Bank, 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 JP Morgan Chase Bank,
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
Aa2(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 Aa1 from Aa2.
CUSIP; Issuer
13063BDA7; California (State of)
13063BCL4; California (State of)
13063BCN0; California (State of)
13063BCQ3; California (State of)
167486NV7; Chicago (City of) IL
649717NW1; New York City Trust for Cultural Res., NY
677525SY4; Ohio Air Quality Development Authority
677525SZ1; Ohio Air Quality Development Authority
1674856S5; Chicago (City of) IL
1674856U0; Chicago (City of) IL
1674856T3; Chicago (City of) IL
167562NG8; Chicago (City of) IL Midway Airport Ent.
Moodys has upgraded the long term letter of credit supported rating of
the debt listed below to Aa2 from Aa3.
CUSIP; Issuer
414009FD7; Harris County Cult. Educ. Fac. Fin.Corp.,TX
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
