New Issue: Mobile Downtown Redevelopment Authority - Series 2011A
- ID: 1770957
- Standard & Poors
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: Full Analysis
The 'AA/A-1+' rating assigned to Mobile Downtown Redevelopment Authority's (the issuer's) Gulf opportunity zone revenue bonds series 2011A (for the Austal USA LLC project) reflects our opinion of the credit and liquidity support that National Australia Bank Ltd. ('AA/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, National Australia Bank Ltd. fully supports all bond payment obligations when the bonds are in the daily and weekly interest rate reset modes. Therefore, our rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'AA' long-term component of our rating is based on our...
Companies mentioned in this report are: Mobile Downtown Redevelopment Authority (The)
Action: New Rating