Bangkok--28 Oct--Standard & Poor's
Standard & Poor's Ratings Services corrected and lowered its rating on Nevada Housing Division's multi-unit housing revenue bonds series 1997 (Austin Crest Project) to 'BB+' from 'AAA'. The outlook remains 'not meaningful'. This issue receives partial credit support in the form of a guaranteed investment contract from MBIA Insurance Corp. (BB+/Negative). Due to an administrative error, the rating on this series 1997 issue was left unchanged through the 2008 and 2009 downgrades of MBIA - from 'AAA' on June 5, 2008, to 'BB+' on Sept. 28, 2009 (please see, "MBIA Insurance Corp. And MBIA Inc. Ratings Lowered; National Public Finance Guarantee Corp. 'A' Ratings Affirmed; Outlook Negative", published Sept. 28, 2009, on RatingsDirect).
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:
Renee J Berson, New York (1) 212-438-7966
Lawrence Witte, San Francisco (1) 415-371-5037