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.
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.
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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.
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