Research Update: S&PCORRECT: PNC Financial Services Group Downgraded To 'A-/A-2' From 'A/A-1' Based On Revised Bank Criteria Dec 11
- Language: English
- Published: December 2011
Standard & Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA/A-1+' ratings on Pittsburgh Water & Sewer Authority, Pa.'s water/sewer subordinate variable-rate debt bonds series 2008B2; and 2008C-1A, C-1B, and C-1C, respectively, due to their bank facilities being extended to Oct. 22, 2013, and Nov. 9, 2012. The long-term component of the rating on series 2008B2 is based jointly (assuming medium correlation) on the ratings on the obligor, Pittsburgh Water & Sewer Authority and the letter of credit provider, PNC Bank N.A., Pittsburg, Pa. The short-term component of the rating is based solely on the rating on PNC Bank N.A., Pittsburg, Pa. The long-term component of the rating on series 2008C-1A, C-1B, and C-1C is based jointly (assuming low correlation) on...
Companies mentioned in this report are: Pittsburgh Wtr & Swr Auth
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