Summary: Ohio Higher Education Facilities Commission Case Western Reserve University; Joint Criteria Apr 11
- ID: 1721648
- April 2011
- Region: Ohio
- Standard & Poors
Standard & Poor's Ratings Services raised the short-term component of its rating to 'AAA/A-1+' from 'AAA/A-1' on Ohio Higher Education Facilities Commission's series 2008A facility revenue refunding bonds, issued for Case Western Reserve University. The rating action is based on the substitution of a direct-pay letter of credit (LOC) provided by US Bank NA (AA-/A-1+) from the LOC provided by Bank of America NA (A+/A-1). The rating is based on joint criteria (assuming low correlation) between the obligor (AA-) and the LOC provided by US Bank NA. The substitute LOC provides coverage for payment of principal and interest on the bonds, including payment of unremarketed tendered bonds. The LOC provides for 50 days of interest at the 12% maximum rate....
Companies mentioned in this report are:
- Case Western Reserve Univ
- Ohio Hgr Ed Fac Auth
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