Summary: Michigan Higher Education Facility Authority Hope College; Joint Criteria Mar 12
- ID: 2082995
- March 2012
- Region: Michigan
- Standard & Poors
Standard & Poor's Ratings Services lowered to 'AA+/A-1' from 'AAA/A-1' its rating on Michigan Higher Education Facility Authority's variable-rate demand limited obligation revenue bonds (Hope College Project), series 2002B. This action follows Standard & Poor's Dec. 6, 2011, downgrade of PNC Bank N.A. to 'A/A-1' from 'A+/A-1' (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 long-term component of the rating is jointly based on the rating on obligor Hope College and the letter of credit provider, PNC Bank, assuming low correlation. The short-term component of the rating is based solely on the rating on PNC Bank. The bonds...
Companies mentioned in this report are: Hope Coll,Michigan Hgr Ed Fac Auth
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.
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.
SHOW LESS READ MORE >