Standard & Poor's Ratings Services lowered its ratings on 32 Northern Trust Co. letter of credit (LOC)-backed U.S. public finance issues to 'AA-/A-1+' from 'AA/A-1+'. These actions follows Standard & Poor's Dec. 6, 2011, downgrade of its rating on the Northern Trust Co. to 'AA-/A-1+' from 'AA/A-1+' (please see "Standard & Poor's Applies Its Revised Bank Criteria To 31 North American Regional Banks And Their Subsidiaries," published Dec. 6, 2011, on RatingsDirect on the Global Credit Portal.). The issues have credit support provided by the Northern Trust Co. in the form of LOCs, which provide for the full and timely payment of interest and principal according to the transaction's terms. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported...
Companies mentioned in this report are:
- Branson Sch
- The Northern Trust Co.
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