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Summary: Cornerstone Metropolitan District No. 2, CO Series 2010B Bonds Rating Lowered To 'A/A-1'; Letter of Credit Mar 12 Product Image

Summary: Cornerstone Metropolitan District No. 2, CO Series 2010B Bonds Rating Lowered To 'A/A-1'; Letter of Credit Mar 12

  • Published: March 2012
  • Standard & Poors

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  • Cornerstone Met Dist No.2
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Abstract
Standard & Poor's Ratings Services lowered its rating on Cornerstone Metropolitan District No. 2, Colo.'s subordinate variable-rate limited-tax general obligation refunding bonds series 2010B to 'A/A-1' from 'A+/A-1'. This action follows Standard & Poor's Nov. 29, 2011, downgrade of its rating on Bank of America N.A. to 'A/A-1' from 'A+/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 bank facility provided by Bank of America N.A. expiring on Dec. 1, 2012. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009...

Companies mentioned in this report are: Cornerstone Met Dist No.2
Action: Downgraded

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Cornerstone Met Dist No.2

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