Four LOC-Backed Issue Ratings Lowered To #BBB+/A-2# From #A-/A-2#

Stocks and Financial Services Press Releases Thursday January 4, 2018 09:20
NEW YORK--4 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 3, 2018--S&P Global Ratings lowered its long-term rating components to 'BBB+/A-2' from 'A-/A-2' on four issues backed by letters of credit (LOCs) provided by Valley National Bank and subsequently removed them from CreditWatch with negative implications, where they had been placed on Aug. 3, 2017.

The four issues are:
  • New Jersey Economic Development Authority's series 2016 revenue bonds, issued for Jewish Community Center on the Palisades;
  • New Jersey Economic Development Authority's series 2010 revenue bonds, issued for Jewish Community Housing Corp.;
  • New Jersey Economic Development Authority's series 2001 revenue bonds, issued for Geriatric Services Housing Corp. Inc.; and
  • New Jersey Health Care Facilities Financing Authority's series 1997 revenue and refunding bonds, issued for Christian Healthcare Center.

"This rating action follows our rating action on Valley National Bank on Dec. 20, 2017. We lowered our rating on the bank and removed it from CreditWatch with negative implications, where it had been placed on July 26, 2017. (Please see the article, titled "Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable," published Dec. 20, 2017, on RatingsDirect.)

The long-term components of the ratings reflect the long-term rating on the LOC provider and our opinion of the likelihood bondholders will receive interest and principal payments when due if they do not exercise their put option.

The short-term components of the ratings reflect the short-term rating on the LOC provider and our opinion of the likelihood bondholders will receive interest and principal payments if they exercise their put option.

Joshua Saunders, Research Assistant.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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