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

  • ID: 1951879
  • October 2009
  • Standard & Poors
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  • Albuquerque
  • Charlotte
  • Colorado Hsg & Fin Auth
  • E-470 Pub Hwy Auth
  • Hamilton Cnty
  • Mahoning Cnty
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Standard & Poor's Ratings Services has withdrawn the short-term components of the ratings on 49 municipal variable rate demand bonds (VRDOs) listed in the table that are insured by National Public Finance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,...

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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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- San Bernardino Cnty
- Colorado Hsg & Fin Auth
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- New York City Trust for Cultural Resources
- Atlanta
- Northern California Pwr Agy
- Michigan St Hsg Dev Auth
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- Albuquerque
- Hamilton Cnty
- Hall Cnty & Gainesville Hosp Auth
- Charlotte
- New Jersey Hsg & Mtg Fin Agy
- Clark Cnty Arpt Dept of Aviation
- Memphis & Shelby Cnty Sports Auth
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- Snohomish Cnty Pub Util Dist #1
- Chicago
- California Infrastructure & Econ Dev Bnk
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- Philadelphia Auth for Indl Dev
- Illinois Hlth Fac Auth
- Florida Hsg Fin Corp
- The Indianapolis Local Pub Imp Bnd Bank
- Port St Lucie
- Mahoning Cnty
- The Brd of Governors of the Univ of North Carolina
- E-470 Pub Hwy Auth
- Dublin-San Ramon Svc Dist
- Cobb-Marietta Coliseum & Exhibit Hall Auth

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