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Summary: Massachusetts Development Finance Agency Boston University; Joint Criteria Jun 10

  • ID: 1869478
  • June 2010
  • Region: Massachusetts
  • Standard & Poors
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Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-2' rating on the Massachusetts Development Finance Agency's variable-rate demand revenue bonds, Boston University series U-6C, in anticipation of the substitution of a direct-pay letter of credit (LOC) from JPMorgan Chase NA (AA-/A-1+) for a direct-pay LOC from Allied Irish Banks PLC (A-/A-2) on July 14. Following the substitution, the rating will be based on the application of the low correlation joint criteria utilizing the Standard & Poor's underlying rating (SPUR) for Boston University (A) and JPMorgan Chase Bank NA. The resulting rating will be 'AAA/A-1+' assuming no change to the ratings of Boston University or JPMorgan Chase Bank NA. The short-term rating will reflect that of JPMorgan Chase Bank NA. The current...

Companies mentioned in this report are:
- Boston Univ
- Massachusetts Development Finance Agency

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 READ MORE >

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- Boston Univ
- Massachusetts Development Finance Agency

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