Summary: Lexington-Fayette Urban County Government, KY Series 2008B And 2008C Bonds Rating Lowered To 'A+/A-1'; Letter of Credit Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services lowered its rating on Lexington-Fayette Urban County Airport Board, Ky.'s (Lexington-Fayette Urban County Government) variable-rate general airport revenue and refunding bonds (general obligation) series 2008B and 2008C to 'A+/A-1' from 'AA-/A-1+'. This action follows Standard Poor's Nov. 29, 2011, downgrade of its rating on JP Morgan Chase Bank N.A. to 'A+/A-1' from 'AA-/A-1+' (please see "Standard & Poor's Applies Its Revised Bank Criteria To 37 Of The Largest Rated Banks And Certain Subsidiaries," published Nov. 29, 2011, on RatingsDirect on the Global Credit Portal). The long-term and short-term components of the rating are based on the letter of credit provided by JPMorgan Chase Bank N.A., with an expiration date of Dec. 15, 2014. Criteria: Methodology...

Companies mentioned in this report are: Lexington-Fayette Urban Cnty Govt,Lexington-Fayette Urban Cnty Arpt Bd
Action: Downgraded

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Lexington-Fayette Urban Cnty Govt,Lexington-Fayette Urban Cnty Arpt Bd

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