Summary: BB&T Municipal Trust Series 2023; Joint Criteria; Residual Certificates; Tender Option Certificates/Bonds Jun 11

Standard & Poors, June 2011

Abstract
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

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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

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