16.11.2012 20:53
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Denver (City & County of) CO -- Moody's has corrected the review status of the short-term ratings of 26 municipal VRDBs insured by Assured Guaranty

26 debts affected

New York, November 16, 2012 -- The review status of the short-term ratings of 23 variable rate demand bonds (VRDBs) was corrected to under review for downgrade. When Moody's initiated its review of Assured Guaranty (Assured) (Aa3) in March of this year, each of these short-term ratings was already under review in connection with Moody's review of the applicable provider of liquidity support in the form of a standby bond purchase agreement (SBPA). When Moody's concluded its reviews of the applicable SBPA providers, we neglected to leave these ratings under review to reflect Moody's review for downgrade of Assured, which is ongoing.

Each of these short-term ratings is based on the short-term rating of the SBPA provider and Moody's assesment of the risk that the SBPA will terminate without bondholders having the opportunity to tender their bonds. Events that could result in termination of these SBPAs without bondholders having such opportunity include non-payment by Assured of any valid insurance claim or other obligation on parity with such claims and downgrade of Assured below investment grade. Changes in Moody's credit opinion of Assured thus affect Moody's assessment of risk of termination of these SBPAs and Moody's short-term ratings of the VRDBs.

A schedule of the maximum short-term ratings that Moody's assigns to insured VRDBs with SBPAs that can terminate as a result of insurer credit events appears as Table 2 on page 3 of Moody's Special Comment titled "Issuers Can Strengthen Liquidity Agreements to Secure Top Short-Term Ratings" that was published in February of 2008 and can be accessed using the link below.

(http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_PBM107654)

AFFECTED DEBTS

The short-term ratings of the following debts were incorrectly taken off of review on April 18, 2012. Reviews for downgrade have been reinstated as of that date.

(Issuer, Series, CUSIP, Current Short-Term Rating)

Charlotte-Mecklenburg Hospital Authority (NC), Series 2007 -- F, 160853LM7, VMIG 2

Charlotte-Mecklenburg Hospital Authority (NC), Series 2007 --D, 160853LK1, VMIG 2

Charlotte-Mecklenburg Hospital Authority (NC), Series 2007 -- E, 160853LL9, VMIG 2

Long Island Power Authority (NY), Series 2003 -- D, 542690VU3, VMIG 2

Long Island Power Authority (NY), Series 2003 -- M, 542690L83, VMIG 2

Long Island Power Authority (NY), Series 2003 -- L, 542690L91, VMIG 2

Long Island Power Authority (NY), Series 2003 -- I, 542690L34, VMIG 2

Long Island Power Authority (NY), Series 2003 -- O, 542690L42, VMIG 2

New York City, Fiscal 2002 Sub Series A-10, 64966A2F1, VMIG 2

New York City, Fiscal 2002 Sub Series A-6, 64966A2H7, VMIG 2

Ohio University, Series 2001, 677632CP4, VMIG 2

Poway Unified School District PFA, CA, Series 2008 -- Tranche C -- 1, 73885RAD9, VMIG 2

Poway Unified School District PFA, CA, Series 2008 -- Tranche C -- 2, 73885RAE7, VMIG 2

The short-term ratings of the following debts were incorrectly taken off of review on June 22, 2012. Reviews for downgrade have been reinstated as of that date.

(Issuer, Series, CUSIP, Short-Term Rating)

Rock Hill, SC, Series 2003 B, 772249KX5, VMIG 2

Triborough Bridge and Tunnel Authority, NY, Series 2000 CD, 89602NJZ8, VMIG 1

Denver (City and County of), CO, Series 2007 G-1, 249182AA4, VMIG 2

Denver (City and County of), CO, Series 2007 G-2, 249182AB2, VMIG 2

Montgomery County, OH, Series 2006, 613520KH7, VMIG 2

New Hanover County, NC, Series 2005 A-1, 644804BZ8, VMIG 1

New Hanover County, NC, Series 2005 A-1, 644804CB0, VMIG 1

New Hanover County, NC, Series 2005 A-1, 644804CA2, VMIG 1

New Hanover County, NC, Series 2005 A-1, 644804CC8, VMIG 1

New Jersey Health Facilities Auth., Series 2006B, 64579FKL6, VMIG 2

In addition, the short-term ratings of the three debts listed below were incorrectly not placed under review when Moody's placed Assured under review for downgrade on March 20 , 2012. Moody's has corrected their review status to under review for downgrade as of March 20, 2012.

(Issuer, Series, CUSIP, Short-Term Rating)

Washington Health Care Facilities Authority, Series 2006 B, 93978ED33, VMIG 2

York County Industrial Development Authority, PA, Series 2003 -- A, 986396AR0, VMIG 2

York County Industrial Development Authority, PA, Series 2003 -- B, 986396AS8, VMIG 2

The principal methodology used in these ratings is Moody's Methodology for Rating Variable Rate Instruments Supported by Third-Party Liquidity Providers published November 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

These ratings will change up or down whenever the short-term rating of the entity providing liquidity support moves up or down. In addition, they may move up or down when the long-term rating Assured moves up or down.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, and public information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Marie FormisanoAsst Vice President - Analyst Public Finance Group250 Greenwich StreetNew York, NY 10007 U.S.A. Thomas Jacobs VP - Senior Credit Officer Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("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. 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. 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 MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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 "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

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