Summary: Allegheny County Higher Education Building Authority, Pennsylvania Carnegie Mellon University; Private Coll/Univ - General Obligation Jul 09

Standard & Poors, July 2009

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-/A-1+' rating on Allegheny County Higher Education Building Authority, Pa.'s bonds (Carnegie Mellon University) series 1998. The long-term portion of the rating is based on the rating on obligor Carnegie Mellon University. The short-term component of the rating is based on a liquidity facility provided by Landesbank Hessen-Thueringen Girozentrale (AA/A-1+) that expires on Dec. 31, 2015. Standard & Poor's considers the liquidity facility to be a grandfathered obligation and therefore the short-term portion of the rating benefits from the guaranteed rating on Landesbank. The stable outlook is based on the outlook on the obligor. USPF Criteria: "Bank Liquidity Facilities," June 22, 2007...

Companies mentioned in this report are: Carnegie Mellon Univ,Allegheny Cnty Hgr Ed Bldg Auth,Landesbank Hessen-Thueringen Girozentrale
Action: Affirmed
Action: Outlook: Stable

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Carnegie Mellon Univ,Allegheny Cnty Hgr Ed Bldg Auth,Landesbank Hessen-Thueringen Girozentrale

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