Rating Action Commentary
ֳ Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Wed 29 Apr, 2020 - 1:20 PM ET
ֳ - New York - 29 Apr 2020: ֳ has taken various conforming rating actions on U.S. enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds.
Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in ֳ's 'U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria,' dated Feb. 18, 2020.
Short-term ratings on enhanced municipal bonds may be lower than those of their liquidity providers, as discussed in ֳ's U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria,' dated Jan. 10, 2020.
Long-term ratings assigned to TOBs are the higher of the ratings assigned by ֳ to the applicable enhancement providers supporting the bonds and the ratings assigned by ֳ to the underlying bonds deposited in the issuing trust. Short-term ratings on TOBs, if assigned, are based on ratings assigned by ֳ to their liquidity providers, with consideration given to the TOBs' long-term ratings.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Additional information is available on
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.
Applicable Criteria
Additional Disclosures
Endorsement Status
| Bucks County Industrial Development Authority (PA) | EU Endorsed |
| California Health Facilities Financing Authority | EU Endorsed |
| California Infrastructure & Economic Development Bank (CA) | EU Endorsed |
| California Pollution Control Financing Authority (CA) | EU Endorsed |
| California Statewide Communities Development Authority | EU Endorsed |
| California, State of (CA) | EU Endorsed |
| Cleveland (OH) | EU Endorsed |
| Colorado Springs (CO) | EU Endorsed |
| Connecticut, State of (CT) | EU Endorsed |
| Deutsche Bank SPEARs/LIFERs Trust (NY) | EU Endorsed |
| District of Columbia (DC) | EU Endorsed |
| Emporia Industrial Development Authority (VA) | EU Endorsed |
| Grand Traverse County Hospital Finance Authority (MI) | EU Endorsed |
| Greeneville Health and Educational Facilities Board (TN) | EU Endorsed |
| Hennepin County (MN) | EU Endorsed |
| Houston (TX) | EU Endorsed |
| Indiana Finance Authority | EU Endorsed |
| Indiana Municipal Power Agency (IN) | EU Endorsed |
| Irvine Ranch Water District (CA) | EU Endorsed |
| JEA (FL) | EU Endorsed |
| Louisville-Jefferson County Metro Government (KY) | EU Endorsed |
| Metropolitan Transportation Authority (NY) | EU Endorsed |
| Metropolitan Water District of Southern California | EU Endorsed |
| Miami-Dade County (FL) | EU Endorsed |
| Missouri Development Finance Board (MO) | EU Endorsed |
| Monroe County Development Authority (GA) | EU Endorsed |
| Montgomery County (MD) | EU Endorsed |
| Montgomery County (OH) | EU Endorsed |
| Municipal Electric Authority of Georgia (MEAG) (GA) | EU Endorsed |
| Municipal Improvement Corporation of Los Angeles (CA) | EU Endorsed |
| New York City (NY) | EU Endorsed |
| New York City Municipal Water Finance Authority (NY) | EU Endorsed |
| New York City Transitional Finance Authority (NY) | EU Endorsed |
| North Carolina Medical Care Commission (NC) | EU Endorsed |
| Oregon Facilities Authority (OR) | EU Endorsed |
| Oregon, State of (OR) | EU Endorsed |
| Providence Health and Services (WA) | EU Endorsed |
| Raleigh (NC) | EU Endorsed |
| Rhode Island Health & Educational Building Corp. (RI) | EU Endorsed |
| San Francisco (City & County) (CA) | EU Endorsed |
| San Francisco (City & County) Airport Commission (CA) | EU Endorsed |
| San Jose Financing Authority (CA) | EU Endorsed |
| Southcentral Pennsylvania General Authority (PA) | EU Endorsed |
| Southern California Public Power Authority (CA) | EU Endorsed |
| Tender Option Bond Series Trust (NY) | EU Endorsed |
| Triborough Bridge & Tunnel Authority (NY) | EU Endorsed |
| Union County (NC) | EU Endorsed |
| University of Massachusetts Building Authority (MA) | EU Endorsed |
| Washington Health Care Facilities Authority (WA) | EU Endorsed |
| Wisconsin, State of (WI) | EU Endorsed |