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: Outlook: Stable
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