Bank of America LOC-Backed Municipal Bonds Downgraded (1 of 2).NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- In conjunction with the downgrade of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. N.A.'s long-term senior debt rating to 'AA-' from 'AA', Fitch downgrades the following bonds backed by Bank of America N.A. letters of credit (see list below, which continues in a second release). Most of the downgrades are from 'AA' to 'AA-' reflecting the credit substitution of Bank of America, but certain bonds are downgraded to 'AA+' from 'AAA' or to 'AA' from 'AA+', considering the joint probability joint probability n. The probability that two or more specific outcomes will occur in an event. Noun 1. joint probability - the probability of two events occurring together of the failure of both a rated municipal obligor and a bank LOC LOC - lines of code provider. The two-party pay methodology results in a rating that is up to two notches higher than the stronger of the two credits if the following conditions are met: (1) both entities have a rating of 'A' or higher; (2) the transaction is structured such that payments from both the municipal issuer and the bank are in the flow of funds Flow of funds In the context of municipal bonds, refers to the statement displaying the priorities by which municipal revenue will be applied to the debt. In the context of mutual funds, refers to the movement of money into or out of a mutual funds or between or among and both entities would have to fail to perform before the bonds defaulted; and (3) the credit of the bank and the rated obligor have no more than a medium degree of correlation. Where the correlation is considered low, the bonds are rated two notches higher than the stronger of the two entities, and where the correlation is considered medium, the bonds are rated one notch higher than the stronger of the two entities. Fitch downgrades the following to 'AA+' (LOCs: Bank of America N.A. (USA), unless otherwise noted): --Allen County (OH) (Catholic Healthcare Partners) adj-rate hosp facils rev bonds ser 2008A --California Health Facilities Financing Authority (CA) (Stanford Hospital Stanford Hospital is located at 300 Pasteur Drive, Stanford, California, 94305.[1] It is world-renowned for its work in cardiovascular medicine and surgery, organ transplantation, neurology, neurosurgery, and cancer diagnosis and treatment. and Clinics) hosp rev bonds ser 2008A-2 --Connecticut Health & Educational Facilities Authority (CT) (Greenwich Hospital Greenwich Hospital can refer to:
--Jacksonville (FL) capital proj rev bonds ser 2008A --Maryland Health & Higher Educational Facilities Authority (MD) (University of Maryland University of Maryland can refer to:
--Mississippi Development Bank (MS) (MSLoan Prog-Mississippi Department of Corrections-Walnut Grove Correctional Facility Refunding Proj) GO special oblig bonds ser 2008A --Mississippi Development Bank (MS) (MSLoan Program-Mississippi Department of Corrections East Mississippi Correctional Facility) GO special oblig bonds ser 2008B --Missouri Health & Educational Facilities Authority (MO) (SSM Health Care SSM Health Care is a health care system that owns, manages and is affiliated with 20 acute care hospitals and two nursing homes in Missouri, Illinois, Wisconsin and Oklahoma. It is sponsored by the Franciscan Sisters of Mary and based in St. Louis, Missouri. ) auction-rate rev bonds ser 2005A-1 ((insured: Financial Guaranty Insurance Company) --Missouri Health & Educational Facilities Authority (MO) (SSM Health Care) var-rate demand health facil rev bonds ser 2005C-2 (insured: Financial Guaranty Insurance Company) --New Jersey Economic Development Authority (NJ) sch facils construction bonds ser 2008X --New Jersey Economic Development Authority (NJ) sch facils construction rfdg bonds ser 2008 V-4 --Orlando-Orange County Expressway Authority (FL) var-rate rfdg rev bonds ser 2008B-1 --Riverside (CA) var-rate rfdg elect rev bonds ser 2008A --Riverside (CA) var-rate rfdg elect rev bonds ser 2008B --Riverside (CA) var-rate rfdg elect rev bonds ser 2008C --Silicon Valley Power (Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. ) (CA) var-rate sub elect rev bonds ser 2008A --University of Massachusetts Building Authority (MA) sr rfdg rev bonds ser 2008-3 Fitch downgrades the following to 'AA': --Sacramento County Sanitation Districts Financing Authority (CA) (Sacramento Regional County Sanitation District) sub lien var-rate rev bonds ser 2008A --Sacramento County Sanitation Districts Financing Authority (CA) (Sacramento Regional County Sanitation District) sub lien var-rate rev bonds ser 2008B --Sacramento County Sanitation Districts Financing Authority (CA) (Sacramento Regional County Sanitation District) sub lien var-rate rev bonds ser 2008C --Sacramento County Sanitation Districts Financing Authority (CA) (Sacramento Regional County Sanitation District) sub lien var-rate rev bonds ser 2008D Fitch downgrades the following to 'AA-': --ABAG Finance Authority for Nonprofit Corps. (CA) (Valley Christian Schools) var-rate demand rfdg & rev bonds ser 2003 --Albany County Airport Authority (NY) airport rev bonds ser 2008A --Albuquerque (NM) (CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute Laser Corp.) industrial rev bonds ser 1998 --Arkansas Development Finance Authority (AR) (Stratton Seed Co. Project) industrial devel rev bonds ser 1999 --Auburn Industrial Development Board (AL) (Donaldson Co., Inc. Project) industrial devel rev bonds ser 1999 --Bibb County Development Authority (GA) (Goodwill Industries of Middle Georgia Middle Georgia refers to the metropolitan area surrounding the city of Macon, in Bibb County in the U.S. state of Georgia. Similar, and possibly coextensive, named regions include Central Georgia and the Heart of Georgia. , Inc. Project) var-rate demand rev bonds ser 2003 --Boone County (AR) (North Arkansas Regional Medical Center) var-rate hosp rev construction bonds ser 2006 --Bremerton (WA) (Kitsap Regional Conference Center Parking Garage) weekly rate demand rev bonds ser 2003 --Brevard County Educational Facilities Authority (FL) var-rate demand rev bonds ser B --Bristol Health & Educational Facilities Authority (TN) (King College Project) rev bonds ser 2001 --Broward County (FL) (Learjet Inc. Project) airport exempt facility rev bonds ser 2000 --Brunswick & Glynn Counties (GA) (Coastal Sleeve Label, Inc. Project) industrial devel rev bonds ser 1998 --Calhoun County Navigation District (TX) (Formosa Plastics Formosa Plastics Corporation (Traditional Chinese: 台灣塑膠公司; lit. "Taiwan Plastic Company") is a Taiwanese company based in Taiwan that primarily produces polyvinyl chloride (PVC) resins and Corp., Texas Project) port rev bonds ser 2000 --California Department of Water Resources (CA) var-rate demand pwr supply rev bonds ser 2005F-4 --California Pollution Control Financing Authority (CA) (Contra Costa Contra Costa can refer to:
--California Pollution Control Financing Authority (CA) (Escondido Disposal, Inc./JEMCO Equipment Corp. Project) var-rate demand solid waste disposal rev bonds ser 1998A --California Pollution Control Financing Authority (CA) (Garaventa Enterprises, Inc. Project) var-rate demand solid waste disposal rev bonds ser 2000A --California Pollution Control Financing Authority (CA) (Garaventa Enterprises, Inc. Project) var-rate demand solid waste disposal rev bonds ser 2006A --California Pollution Control Financing Authority (CA) (Garaventa Enterprises, Inc. Project) var-rate demand solid waste disposal rev bonds ser 2008A --California Pollution Control Financing Authority (CA) (Madera Disposal Systems, Inc. Project) var-rate demand solid waste disposal rev bonds ser 1998A --California Pollution Control Financing Authority (CA) (SANCO Services, L.P. Project) var-rate demand solid waste disposal rev bonds ser 2002A --California Pollution Control Financing Authority (CA) (West County Resource Recovery, Inc.) solid waste rfdg rev bonds ser 1999A --California Statewide Communities Development Authority (CA) (Arthurmade Plastics, Inc. Project) industrial devel rev bonds ser 2000 --California Statewide Communities Development Authority (CA) (Evapco, Inc. Project) weekly adj/fixed-rate industrial devel rev bonds ser 1996K --California Statewide Communities Development Authority (CA) (Integrated Rolling Co. Project) var-rate demand industrial devel rev bonds ser 1999A --California Statewide Communities Development Authority (CA) (JTF JTF Joint Task Force JTF Just the Facts JTF Jewish Task Force JTF Jitter Transfer Function JTF Joint Tactical Force JTF Joint Tactical Fusion JTF Janasaviya Trust Fund (Sri Lanka) JTF Joint Test Facility Enterprises, L.L.C. Project) weekly adj/fixed-rate enterprise zone facil rev bonds ser 1996A --California Statewide Communities Development Authority (CA) (One Park Place) multifamily hsg rev bonds ser 1999PP --California, State of (CA) GO bonds ser 2003C (LOC: Bank of America, N.A., Bank of Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , Landesbank Hessen-Thueringen Girozentrale (Guaranteed Obligations)) --California, State of (CA) GO bonds ser 2003C (LOC: Bank of America, N.A., Bank of Nova Scotia, Landesbank Hessen-Thueringen Girozentrale (Guaranteed Obligations)) --California, State of (CA) GO bonds ser 2003C (LOC: Bank of America, N.A., Bank of Nova Scotia, Landesbank Hessen-Thueringen Girozentrale (Guaranteed Obligations)) --California, State of (CA) GO bonds ser 2003C (LOC: Bank of America, N.A., Bank of Nova Scotia, Landesbank Hessen-Thueringen Girozentrale (Guaranteed Obligations)) --CareNet Health Systems & Services, Inc. (MD) var-rate demand rev notes (taxable) ser 1999 --Carroll County Water Authority (GA) (City of Temple Project) adj mode wtr & sewerage rev bonds ser 2003 --Chattanooga Health, Educational, & Housing Facility Board (TN) (Southern Adventist University Southern Adventist University is a liberal arts university located in Collegedale, Tennessee. It is affiliated with the Seventh-day Adventist Church. The university operates a radio station, WSMC-FM, which plays mainly classical music as well as news from the BBC, National Public Project) var-rate rev bonds ser 2003 --Chesapeake Industrial Development Authority (VA) (Tarmac Mid-Atlantic, Inc. Proj.) industrial devel rev rfdg bonds ser 1998 --Clay County Utility Authority (FL) utils sys var-rate rev bonds ser 2003A --Collier County Industrial Development Authority (FL) (Community School of Naples, Inc. Project) educ facil rev bonds ser 2002 --Collier County Industrial Development Authority (FL) (Redlands Christian Migrant Association, Inc. Project) var-rate demand rev bonds ser 2001 --Dalton Development Authority (GA) (Hamilton Health Care System) var-rate demand rev ctfs ser 2003B --Davie (FL) (The United Jewish Community of Broward County, Inc. Project) var-rate demand rev bonds ser 2003 --DeKalb County (IN) (New Process Steel, L.P. Project) econ devel rev bonds ser 2000 --DeKalb County Development Authority (GA) (Marcus Institute Project) var-rate rev bonds ser 2000 --District of Columbia (DC) (Fourteenth & Irving Ventures, L.L.C. Issue) Enterprize Zone var-rate rev bonds ser 2000 --District of Columbia (DC) (Medlantic/Helix) multi-modal rev bonds ser 1998A-Tranche II --District of Columbia (DC) (Medlantic/Helix) multi-modal rev bonds ser 1998A-Tranche III --District of Columbia (DC) ballpark rev bonds (auction-rate securities) ser 2006B-2 (insured: Financial Guaranty Insurance Company) --District of Columbia (DC) var-rate demand mutimodal GO rfdg bonds ser 2008B --Dona Ana County (NM) (Southwest Steel Coil, Inc. Project) var-rate demand industrial rev bonds ser 1999 --DuPage County (IL) (Morton Arboretum The Morton Arboretum, in Lisle, Illinois, covers 1,700 acres (6.9 Square kilometres) and is made up of gardens of various plant types and collections of trees from specific taxonomical and geographical areas. Project) var-rate demand rev bonds ser 2003 --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning higher learning n. Education or academic accomplishment at the college or university level. (SC) (Anderson College Project) educ facils rfdg & improv A multidimensional Windows spreadsheet from Lotus that allows for easy switching to different views of the data. Data are referenced by name as in a database, rather than the typical spreadsheet row and column coordinates. Improv was originally developed for the NeXt computer. rev bonds (taxable) ser 2004B --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Anderson College Project) educ facils rfdg & improv rev bonds ser 2004A --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Charleston Southern University Charleston Southern University, founded in 1964, is an independent comprehensive university located in Charleston, South Carolina. Charleston Southern is one of South Carolina's largest accredited, independent universities, enrolling approximately 3,000 students. ) educ facil rev bonds ser 2003 --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Clafin University) var-rate educ facils rev bonds ser 2003 --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Columbia College Columbia College: see Columbia University. Project) var-rate demand educ facils rev bonds ser 2001 --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Converse College  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Proj.) educ facil rev bonds ser 2000 --Educational Facilities Authority for Private Nonprofit Institutions of Higher Learning (SC) (Voorhees College Voorhees College is a private, historically-black college in Denmark, South Carolina. It is affiliated with the Episcopal Church. External link
• Project) var-rate demand educ facils rev bonds ser 2001 --Emporia Industrial Development Authority (VA) (Toll VA III, L.P. Project) industrial devel rev bonds ser 1999 --Everett (WA) GO ltd tax var-rate demand bonds ser 2001 --Farmington (NM) (Independent Mobility System, Inc.) var-rate demand industrial rev bonds ser 1999B --Fulton County Development Authority (GA) (Pace Academy, Inc. Project) var-rate demand bonds ser 2003 --Fulton County Development Authority (GA) (Pace Academy, Inc.) var-rate demand rev bonds ser 1998 --Fulton County Development Authority (GA) (Pace Academy, Inc.) var-rate demand rev bonds ser 2008 --Fulton County Development Authority (GA) (St. George Village CCRC Noun 1. CCRC - an agency in the Department of Defense that is a national center for research on all aspects of injury control and casualty care Casualty Care Research Center Project) var-rate rev bonds ser 2004 --Greenup Village (IL) (EVAPCO, Inc. Project) var-rate demand industrial devel rev bonds ser 2002 --Henrico County Industrial Development Authority (VA) (Hermitage at Cedarfield) health care facils rev rfdg bonds ser 1998 --Hillsborough County (FL) (MOSI MOSI Museum of Science and Industry (various locations) MOSI Master Out Slave In (Serial Peripheral Interface) MOSI Morocco Singapore - Charter School Project) var-rate demand industrial devel rev bonds ser 2001 --Hillsborough County (FL) (MOSI - IBHS IBHS Institute for Business and Home Safety IBHS International Barbershop Harmony Society Project) var-rate demand industrial devel rev bonds ser 2001 --Hillsborough County Educational Facilities Authority (FL) (University of Tampa The University of Tampa, or UT, is a private, co-educational university in downtown Tampa, Florida. It is accredited by the Southern Association of Colleges and Schools. In 2006, the University celebrated its 75th anniversary. Project) rev bonds ser 2000 --Hillsborough County Industrial Development Authority (FL) (Independent Day School Proj.) var-rate demand rev bonds ser 2000 --Hillsborough County Industrial Development Authority (FL) (Tampa Metropolitan Area YMCA YMCA in full Young Men's Christian Association Nonsectarian, nonpolitical Christian lay movement that aims to develop high standards of Christian character among its members. Project) var-rate demand rev bonds ser 2000 --Illinois Development Finance Authority (IL) (WTVP Channel 47 Project) var-rate demand rev bonds ser 2001-A --Illinois Development Finance Authority (IL) (WTVP Channel 47 Project) var-rate demand rev bonds ser 2001-B --Iowa Finance Authority (IA) (Community Y of Marshalltown Project) Wellness Facility rev bonds ser 2001 --Iredell County Industrial Facilities & Pollution Control Financing Authority (NC) (B&B Fabricators, Inc. Project) industrial devel rev bonds ser 1999 --Jacksonville Economic Development Commission (FL) (Episcopal High School of Jacksonville  The Episcopal High School of Jacksonville (or "EHS") is a parochial high school located in Jacksonville, Florida, United States. It serves approximately 900 students in grades 6-12. , Florida, Inc. Proj.) educ facil rev bonds ser
2002
--Jacksonville Economic Development Commission (FL) (YMCA of Florida First Coast Proj) var-rate demand rev & rfdg bonds ser 2003 --Jacksonville Health Facilities Authority (FL) (Samuel C. Taylor Foundation Project) health care facil rev bonds ser 1998 --Jewish Federation of Greater Orlando Greater Orlando, alternatively known as the Orlando Area or Metro Orlando, is third most populated metropolitan region in the state of Florida, and the 27th-largest metro area in the United States. , Inc. (The) (FL) var-rate demand rev bonds ser 2003 --Joplin Industrial Development Authority (MO) (Smith & Smith Investment L.C. Project) industrial devel rev bonds ser 1999 --King County Housing Authority (WA) (Landmark Apartments Project) var-rate demand hsg rev bonds ser 2002 --Kirkwood Industrial Development Authority (MO) (Concordia Lutheran Church Concordia Lutheran Church, or, in Swedish, Lutherska Konkordiekyrkan, is a small Lutheran denomination in Sweden. It currently consists of one congregation, with about 25-30 members spread around Sweden. Community Recreational Facilities Project) var-rate demand rev bonds ser 2001 --Lexington-Fayette Urban County Government (KY) (Richmond Place Associates, L.P. Project) residential facils rfdg rev bonds ser 1987 --Los Angeles (CA) var-rate wastewtr sys sub rev rfdg bonds ser 2008-F1 --Los Angeles (CA) var-rate wastewtr sys sub rev rfdg bonds ser 2008-F2 --Los Angeles (CA) var-rate wastewtr sys sub rev rfdg bonds ser 2008-G --Los Angeles (CA) var-rate wastewtr sys sub rev rfdg bonds ser 2008-H --Manatee County (FL) (Saint Stephen's Upper School Project) var-rate demand rev bonds ser 2000 --Maryland Economic Development Corp. (MD) (Maryland Soccer Foundation, Inc. Proj.) var-rate econ devel rev bonds ser 2000 --Maryland Health & Higher Educational Facilities Authority (MD) (Charlestown Community Issue) rev bonds ser 1998A --Maryland Health & Higher Educational Facilities Authority (MD) (Charlestown Community Issue) rev bonds ser 1998B --Miami-Dade County Educational Facilities Authority (FL) (Carlos Albizu University The Carlos Albizu University (CAU) is a private non-profit university offering undergraduate and graduate studies in psychology, business, and education. It has two campuses: one in San Juan, Puerto Rico, and the other in Miami, Florida (USA). Proj.) rev bonds ser 2000 --Miami-Dade County Educational Facilities Authority (FL) (Florida Memorial College Project) var-rate demand rev bonds ser 1998 --Miami-Dade County Educational Facilities Authority (FL) (Florida Memorial College Project) var-rate demand rev bonds ser 2003 --Miami-Dade County Housing Finance Authority (FL) (Ward Towers Assisted Living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. Facility Project) multifamily hsg rev bonds ser 2002-8 --Miami-Dade County Industrial Development Authority (FL) (Cushman School, Inc. Project) var-rate demand rev bonds ser 2002 --Miami-Dade County Industrial Development Authority (FL) (Gulliver Schools Project) rev bonds ser 2000 --Middle Coastal Unified Development Authority (GA) (YMCA of Coastal Georgia Project) var-rate demand rev bonds ser 2005 --Midlothian Industrial Development Corp. (TX) (Holnam Texas Ltd. Partnership Project) environmental facil rev bonds ser 1999 --Montgomery County (MD) (George Meany Center for Labor Studies - The National Labor College The National Labor College is a fully accredited undergraduate facility affiliated and subsidized by the AFL-CIO to provide its members with the opportunity to receive a college education. Facility) var-rate econ devel rev bonds ser 2004 Montgomery County (MD) (Rehabilitation Opportunities, Inc. Project) var-rate econ devel rev bonds ser 2001 --Montgomery County (MD) (The Institute for Genomic Research ,Inc. Facility) var-rate econ devel rev bonds ser 2002 --Nashville & Davidson County Metropolitan Government Health & Educational Facilities Board (TN) (Alive Hospice, Inc. Project) rev bonds ser 1999 --Nashville & Davidson County Metropolitan Government Health & Educational Facilities Board (TN) (Meharry Medical College Meharry Medical College (məhâr`ē), at Nashville, Tenn.; coeducational; organized 1876 as the medical department of Central Tennessee College, granted an independent charter 1915. Project) var-rate rev & rfdg bonds ser 1998 --Nashville & Davidson County Metropolitan Government Industrial Development Board (TN) (Nashville Symphony Hall Project) var-rate rev bonds ser 2004 --Nashville & Davidson County Metropolitan Government Industrial Development Board (TN) (YMCA Project) rev bonds ser 1998 --Nassau County (NY) multi-modal GO bonds ser 2007A --Nassau County (NY) multi-modal GO bonds ser 2007B --Nelson County Industrial Development Authority (VA) (Taylor-Ramsey Corp. Project) industrial devel rev bonds ser 1999 --Nevada Department of Business & Industry (NV) (Nevada Cancer Institute  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. Proj) var-rate demand rev bonds ser 2003 --New Jersey Economic Development Authority (NJ) (International Processing Corp. Project) var-rate demand econ devel rev bonds ser 2003 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. (NY) adj-rate GO bonds fiscal ser 2004A-2 --New York City Industrial Development Agency (NY) (New York City - New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. Project) adj-rate special rev bonds fiscal ser 2004B --New York City Industrial Development Agency (NY) (Planned Parenthood Planned Parenthood A service mark used for an organization that provides family planning services. Federation of America, Inc. Project) civic facil var-rate demand rev bonds ser 2002 --Norfolk (VA) var-rate pkg sys rev bonds ser 2000A --North Carolina Agricultural Finance Authority (NC) (Southern Bales Gin and Cotton Company, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Project) agricultural devel rev bonds ser 2001 --North Carolina Capital Facilities Finance Agency (NC) (Elon College) rev rfdg bonds ser 2001A Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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