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Rating Actions Taken On 49 National Public Finance Guarantee Corp.-Backed VRDO Public Finance Issues Oct 09 Product Image

Rating Actions Taken On 49 National Public Finance Guarantee Corp.-Backed VRDO Public Finance Issues Oct 09

  • ID: 1951879
  • October 2009
  • Standard & Poors

FEATURED COMPANIES

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  • Charlotte
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Abstract
Standard & Poor's Ratings Services has withdrawn the short-term components of the ratings on 49 municipal variable rate demand bonds (VRDOs) listed in the table that are insured by National Public Finance Guarantee Corp. (NPFGC; A/ Developing/--) as a result of our rating actions on MBIA Insurance Corp.'s (BB+/Negative/--) counterparty credit and financial strength ratings (see "MBIA Insurance Corp. And MBIA Inc. Ratings Lowered; National Public Finance Guarantee Corp. 'A' Ratings Affirmed", published Sept. 28, 2009, on RatingsDirect). Generally, an SBPA includes provisions that permit the provider, under certain circumstances, to terminate the SBPA, without notice or funding. If an SBPA relates to insured VRDOs, such a right to terminate typically depends on the credit strength of the bond insurer,...

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.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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