Bangkok--13 Oct--Standard & Poor's
Standard & Poor's Ratings Services corrected and lowered its rating to 'A+/Stable' from 'AA/Negative' on Denver City & County School District No. 1, Colo.'s series 2001 certificates of participation, issued for Denver School Facilities Leasing Corp. These certificates are guaranteed by a bond insurance policy from National Public Finance Guarantee Corp. (National; A/Developing) The revised rating is based on the Denver School Facilities Leasing Corp.'s SPUR of 'A+' with a stable outlook. Pursuant to our criteria, the issue credit rating on a fully credit-enhanced bond is the higher of the rating on the credit enhancer and the SPUR.
On Feb. 18, 2009, National reinsured obligations of MBIA Insurance Corp., including the series 2001 certificates. At that time, we lowered the rating on National to 'AA-/Watch Developing'. On June 5, 2009, we lowered the rating on National to 'A' with a developing outlook. We did not contemporaneously lower the rating on the certificates at the time of the February and June rating actions because the certificates were not included in the information provided to us by National on the reinsured debt.
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.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Misty Newland, San Francisco (1) 415-371-5073
David G Hitchcock, New York (1) 212-438-2022