Oct 12 - Standard & Poor's Ratings Services today corrected its ratings on four NY Liberty Development Corp. letter of credit (LOC)-backed bond issues, by reinstating the ratings at 'A+/A-1' (see list).
Our ratings on the bonds reflect the credit and liquidity support that JPMorgan Chase Bank N.A. ('A+/A-1') provides in the form of LOCs. The 'A+' long-term components of our ratings are based on our long-term issuer credit rating on JPMorgan Chase Bank N.A. and address full and timely payments of interest and principal when the bondholders have not exercised the put option. The 'A-1' short-term components of our ratings are based on the short-term issuer credit ratings on JPMorgan Chase Bank N.A. and address full and timely payments of interest and principal payments when the bondholders have exercised the put option.
On Oct. 4, 2012, we withdrew our ratings on the bonds due to an error.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at
RELATED CRITERIA AND RESEARCH
-- JPMorgan Chase & Co, April 18, 2012
-- Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
RATINGS REINSTATED Transaction CUSIP Rating To From
New York Liberty Development Corp.
$1.035 million multi-modal liberty revenue refunding bonds series 2011B due Dec. 1, 2049
649519BN4 A+/A-1 NR/NR
$11.005 million multi-modal revenue bonds series 2011B due Dec. 1, 2049
649519BL8 A+/A-1 NR/NR
$0.585 million multi-modal recovery zone revenue bonds series 2010A-3 due Dec. 1, 2050
649518AJ6 A+/A-1 NR/NR $1.49 million multi-modal recovery zone revenue bonds series 2010A-2 due Dec. 1, 2050 649518AE7 A+/A-1 NR/NR NR-Not rated. (New York Ratings Team)