Bangkok--21 Sep--Standard & Poor's
Standard & Poor's Ratings Services has corrected and lowered its ratings on eight credit and liquidity-enhanced issues to 'AA/A-1+' from 'AA+/A-1+' (see list below). Wells Fargo Bank N.A. provides a direct-pay letter of credit on these bonds, supporting both the long- and short-term portions of this dual rating. This rating action reflects Standard & Poor's June 17, 2009, downgrade of the bank to 'AA/A-1+' from 'AA+/A-1+'. Due to an administrative error, we did not lower the rating on the bonds contemporaneously with our downgrade of Wells Fargo Bank N.A. South Dakota. Standard & Poor's also changed the CreditWatch designation on the ratings to CreditWatch with positive implications from CreditWatch with developing implications following an update to our joint-support criteria.
Ratings Lowered To 'AA/A-1+'
Antelope Vy-East Kern Wtr Agy, Calif., COP var rate cert ser 2008A-2
Oregon Fac Auth (PeaceHealth) hosp VRDO ser 2008C
Oregon Fac Auth (PeaceHealth) hosp VRDO ser 2008D
Semitropic Wtr Storage Dist, Calif., var rate rev bnds ser 2008A
Washington Hlth Care Fac Auth, Wash., (PeaceHealth) hosp VRDB ser 2008B
Washington Hlth Care Fac Auth, Wash., (PeaceHealth) hosp VRDB ser 2008C
Wisconsin Hlth & Ed Fac Auth (Gundersen Lutheran) hosp VRDO ser 2008A
Wisconsin Hlth & Ed Fac Auth (Gundersen Lutheran) hosp VRDO ser 2008B
RELATED RESEARCH
USPF Criteria: "Joint Support To Investment Agreements," June 22, 2007
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
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