Colorado Educational Cultural Facilities 1500 Mission Urban Housing, DE Note Ratings Lowered, Off Watch Neg

Stocks and Financial Services Press Releases Wednesday June 6, 2018 10:00
NEW YORK--6 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 5, 2018--S&P Global Ratings lowered its long-term rating component on Colorado Educational & Cultural Facilities Authority's series 2005 adjustable-rate tax-demand notes, issued for Mesivta of Greater Los Angeles' project, to 'BBB+/A-2' from 'A-/A-2' and subsequently removed it from CreditWatch with negative implications where S&P Global Ratings placed it on April 18, 2018.

A letter of credit (LOC) from Deutsche Bank Trust Co. Americas backs the notes.

At the same time, S&P Global Ratings lowered its long-term rating component on 1500 Mission Urban Housing L.P., Del.'s series 2017A taxable variable-rate demand multifamily housing revenue notes, related to the 1500 Mission apartments project, to 'BBB+/A-2' from 'A-/A-2' and subsequently removed it from CreditWatch with negative implications where S&P Global Ratings placed it on April 18, 2018.

A shortfall standby-note-purchase credit-and-liquidity agreement from Deutsche Bank AG, New York branch, backs the notes.

This rating action follows S&P Global Ratings lowering its rating on Deutsche Bank AG and Deutsche Bank Trust Co. Americas to 'BBB+/A-2' from 'A-/A-2' and the subsequent removal of the rating from CreditWatch with negative implications. (For more information, please see the article, titled "Deutsche Bank Long-Term Rating Lowered To 'BBB+' On Elevated Strategy Execution Risks; Outlook Stable," published June 1, 2018, on RatingsDirect.)

The dual rating on the authority's series 2005 notes reflects S&P Global Ratings' view of the support agreement provided by Deutsche Bank Trust Co. Americas.

The dual rating on 1500 Mission Urban Housing's series 2017A notes reflects the lower of S&P Global Ratings' long- and short-term issuer credit ratings on Deutsche Bank AG, the shortfall standby provider's parent, and S&P Global Ratings' long- and short-term foreign currency ratings on the U.S., the jurisdiction where the shortfall provider, Deutsche Bank AG, New York branch, is located.

The long-term components of the ratings reflect S&P Global Ratings' expectation of full and timely payments of interest and principal when bondholders have not exercised the put option. The short-term components of the ratings reflect S&P Global Ratings' expectation of full and timely payments of interest and principal when bondholders have exercised the put option.

Changes to the ratings on these bonds can result from such factors as changes to the ratings on the support providers, changes to S&P Global Ratings' correlation assumptions, changes to the expiration or termination of the support providers, or changes to amendments to transaction terms.

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 S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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