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Summary: BB&T Municipal Trust Series 2023; Joint Criteria; Residual Certificates; Tender Option Certificates/Bonds Jun 11
Standard & Poors, June 2011
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to BB&T Municipal Trust's floater and residual certificates series 2023, respectively, relating to San Jose Redevelopment Agency's merged area redevelopment project tax allocation refunding bonds series 2006C. The long-term components of the ratings on the floater and residual certificates are based on the custodial receipt Series 2008-40 (AAA). The rating on the custodial receipt is based jointly (assuming low correlation) on a letter of credit (LOC) provided by BB&T (A+/A-1) and the underlying bonds (BBB+), which are held through a custodial arrangement by the custodian. The short-term component of the rating on the floater certificates is based on a liquidity facility, which is also provided by BB&T (A-1). The...
Companies mentioned in this report are: San Jose Redev Agy,BB&T Muni Tr
Action: New Rating
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.
San Jose Redev Agy,BB&T Muni Tr