Bangkok--4 Nov--Standard & Poor's
Standard & Poor's Ratings Services revised its rating on Alaska Industrial Development and Export Authority's revolving fund refunding bonds, series 2008A and 2008B, to 'AAA/A-1+' from 'AA-/A-1+' to reflect the application of joint criteria. The bonds have joint support from a direct-pay letter of credit (LOC) provided by State Street Bank and Trust Company (AA-/A-1+) and the Alaska Industrial Development and Export Authority ('AA-' underlying rating).
The rating is derived from the low correlation chart. Both the bank and the issuer are obligated to pay principal and interest for debt service. The short-term rating reflects the short-term rating of State Street Bank and Trust.
The LOC provides coverage for all principal and interest payments and for the purchase price of the bonds that are not successfully remarketed for a maximum of 35 days at 12% while the bonds bear interest at the daily and weekly modes.
Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
USPF Criteria: "Municipal Applications For Joint Support Criteria," June 25, 2007
Criteria: "Joint Support Criteria Update," April 22, 2009
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:
Lawrence Witte, San Francisco (1) 415-371-5037
Ryan Butler, New York (1) 212-438-2122