Mobile Downtown Redevelopment Authority Bonds Series 2011A Rating Lowered To 'AA-/A-1+' Dec 11
- ID: 2034045
- December 2011
- Standard & Poors
NEW YORK (Standard & Poor's) Dec. 16, 2011--Standard & Poor's Ratings Services today lowered its rating on Mobile Downtown Redevelopment Authority's gulf opportunity zone revenue bonds series 2011A (for the Austal USA LLC project) due May 1, 2041, to 'AA-/A-1+' from 'AA/A-1+'. Our rating on the series 2011A bonds reflects our opinion of the credit and liquidity support that National Australia Bank Ltd. ('AA-/Stable/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). The long-term component of our rating is based on our long-term issuer credit rating on National Australia Bank Ltd. and addresses the full and timely payment of interest and principal when the bondholders have not exercised the put option. The short-term component of our...
Companies mentioned in this report are: Mobile Downtown Redevelopment Authority (The)
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