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Rating Actions Taken On US Bank N.A. LOC-Backed Public Finance Issues Jul 09
Standard & Poors, July 2009
Abstract
Standard & Poor's Ratings Services changed its ratings on 237 US Bank N.A. letter of credit (LOC)-backed U.S. Public Finance issues (see table 1). These rating actions follow Standard & Poor's June 17, 2009, downgrade of US Bank N.A. to 'AA-/A-1+' from 'AA+/A-1+' and subsequent removal of the rating on US Bank N.A. from CreditWatch with negative implications (see 'U.S. Bancorp Downgraded To 'A+/A-1' From 'AA/A-1+'; Outlook Stable', RatingsDirect, June 17, 2009. The ratings on the 237 issues that were changed have credit support provided by US Bank N.A. in the form of an LOC that provides for the full and timely payment of interest and principal according to the transactions' terms....
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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