S&P - Public Finance Criteria (2007). - The Global Clearinghouse

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Municipal Applications For Joint Support CriteriaTable 4 Medium Correlation Reference Table (continued)BB+ BB BB- B+ B B- CCC+ CCC CCC- DAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+AA AA AA AA AA AA AA AA AA AA AAAA- AA AA- AA- AA- AA- AA- AA- AA- AA- DA+ AA- AA- A+ A+ A+ A+ A+ A+ A+ A+A AA- A+ A+ A A A A A A AA- A+ A A A- A- A- A- A- A- A-BBB+ A A- A- A- BBB+ BBB+ BBB+ BBB+ BBB+ BBB+BBB A- A- BBB+ BBB+ BBB+ BBB BBB BBB BBB BBBBBB- BBB+ BBB+ BBB BBB BBB BBB BBB- BBB- BBB- BBB-BB+ BBB+ BBB BBB BBB BBB- BBB- BBB- BB+ BB+ BB+BB BBB BBB BBB BBB BBB- BB+ BB+ BB BB BBBB- BBB BBB BBB- BBB BB+ BB BB BB- BB- BB-B+ BBB BBB- BBB- BB+ BB BB BB- BB- B+ B+B BBB- BBB- BB+ BB BB BB- B+ B+ B BB- BBB- BB+ BB BB BB- B+ B B B- B-CCC+ BBB- BB+ BB BB- B+ B B- B- CCC+ CCC+CCC BB+ BB BB- BB- B+ B B- CCC+ CCC+ CCCCCC- BB+ BB BB- B+ B B- CCC+ CCC+ CCC CCC-D BB+ BB BB- B+ B B- CCC+ CCC CCC- DTable 5 Low Correlation Reference TableAAA AA+ AA AA- A+ A A- BBB+ BBB BBB-AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+AA- AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+A+ AAA AAA AAA AAA AAA AAA AAA AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AAA- AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AABBB+ AAA AAA AAA AAA AAA AA+ AA+ AA+ AA A+BBB AAA AAA AAA AA+ AA+ AA+ AA AA- AA- ABBB- AAA AAA AA+ AA+ AA AA AA A+ A A-BB+ AAA AAA AA+ AA+ AA AA AA- A+ A A-BB AAA AA+ AA+ AA AA AA- A+ A A- BBB+BB- AAA AA+ AA AA AA- AA- A+ A- A- BBB+B+ AAA AA+ AA AA- AA- A+ A A- BBB+ BBBB AAA AA+ AA AA- A+ A A A- BBB+ BBBB- AAA AA+ AA AA- A+ A A- BBB+ BBB+ BBBCCC+ AAA AA+ AA AA- A+ A A- BBB+ BBB BBB-CCC AAA AA+ AA AA- A+ A A- BBB+ BBB BBB-CCC- AAA AA+ AA AA- A+ A A- BBB+ BBB BBB-D AAA AA+ AA AA- A+ A A- BBB+ BBB BBB-www.standardandpoors.com221
Municipal Structured FinanceTable 5 Low Correlation Reference Table (continued)BB+ BB BB- B+ B B- CCC+ CCC CCC- DAAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAAAA+ AAA AA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+ AA+AA AAA AA+ AA AA AA AA AA AA AA AAAA- AAA AA AA AA- AA- AA- AA- AA- AA- AA-A+ AAA AA AA- AA- A+ A+ A+ A+ A+ A+A AAA AA- AA- A+ A A A A A AA- AAA A+ A+ A A A- A- A- A- A-BBB+ AAA A A- A- A- BBB+ BBB+ BBB+ BBB+ BBB+BBB AAA A- A- BBB+ BBB+ BBB+ BBB BBB BBB BBBBBB- AAA BBB+ BBB+ BBB BBB BBB BBB- BBB- BBB- BBB-BB+ AAA BBB+ BBB BBB BBB BBB- BBB- BB+ BB+ BB+BB AAA BBB BBB BBB BBB- BBB- BB+ BB BB BBBB- AAA BBB BBB- BBB- BB+ BB+ BB BB BB- BB-B+ AAA BBB BBB- BB+ BB+ BB BB- BB- B+ B+B AAA BBB- BB+ BB+ BB BB- B+ B+ B BB- AAA BBB- BB+ BB BB- BB- B B B- B-CCC+ AAA BB+ BB BB- B+ B B- B- CCC+ CCC+CCC AAA BB BB BB- B+ B B- CCC+ CCC+ CCCCCC- AAA BB BB- B+ B B- CCC+ CCC+ CCC CCC-D AAA BB BB- B+ B B- CCC+ CCC CCC- DLegal And Structural ConsiderationsThe joint-support criteria are only applicable whenthe obligation is legal, valid, and enforceableagainst both (or all three) obligors. Any preferencepayment or clawback risk must be addressed in thestructure of the transaction.Analysts will exercise judgment to determinewhether the joint-support criteria should beapplied if the obligation is unusual or unpredictable.Note the eligibility of investment agreementsto be jointly supported by more than oneprovider (see “Public Finance Criteria: JointSupport To Investment Agreements”).ImplementationTo ensure transparency of Standard & Poor’s publicratings, the joint-support approach will only beapplied when both obligors have a public long-termand, if relevant, short-term rating unless the jointsupportcriteria affect only one element of a complextransaction. In addition, where one of thesupporters is a U.S. public finance obligor, the bondissue will also receive a Standard & Poor’sUnderlying Rating (SPUR) reflecting the unenhancedlong-term rating of the issue.If the rating on a supporting obligor is placed onCreditWatch, Standard & Poor’s will either placethe rating on the jointly supported issue onCreditWatch or state publicly that the latter ratingwill be unaffected by the obligor’s rating review. ■222 Standard & Poor’s Public Finance Criteria 2007
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2007Public FinanceCriteria
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Published by Standard & Poor’s, a
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ContentsI. IntroductionIntroduction
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IntroductionIntroduction To Public
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Introduction To Public Finance Crit
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Cross Sector CriteriaShort-Term Deb
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Short-Term Debtissue in the event o
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Short-Term DebtCash Flow Note Pools
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Commercial Paper, VRDO, And Self-Li
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Bank Liquidity Facilitiesthat immed
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Municipal Swapsoccurrence of the au
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Municipal Swapspurchased a swaption
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Municipal Swapsrisk, but gives the
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Municipal Swapscharges. An issuer t
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Municipal Swapsmeasures the potenti
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Debt Derivative Profile ScoresDue t
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Debt Derivative Profile ScoresOf th
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Long-Term Municipal Poolsexposure,
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Long-Term Municipal Poolsthe progra
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Long-Term Municipal Poolsand assets
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Investment GuidelinesThe proceeds f
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Investment GuidelinesEligible Inves
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Investment Agreements For Municipal
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Joint Support To Investment Agreeme
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DefeasanceDefeasanceStandard & Poor
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Defeasanceexisting rating on the ob
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GO Debtkey role in economic develop
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GO Debtchanging. Increases in net a
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GO Debtthe Financial management Ass
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Debt Statement AnalysisWith this ag
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Debt Statement AnalysisHowever, swa
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Special Tax Bondsis dedicated only
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Special Tax BondsAdditional bonds t
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Non Ad Valorem BondsNon Ad Valorem
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Lottery Revenue BondsLottery Manage
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Special-Purpose DistrictsTax Increm
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Special-Purpose DistrictsQuestions
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Special-Purpose Districtsatical in
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Special-Purpose Districts■ Cash f
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State Credit Enhancement Programsce
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State Credit Enhancement Programsfi
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State Credit Enhancement ProgramsPu
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State Credit Enhancement Programsde
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State Credit Enhancement Programsth
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State Credit Enhancement ProgramsNe
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State Credit Enhancement Programsan
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State Credit Enhancement Programstr
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Appropriation-Backed Obligationscie
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Appropriation-Backed Obligationsand
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Federal LeasesFederal LeasesPrivate
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Federal Leasesis important to make
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Moral Obligation BondsMoral Obligat
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General Government UtilitiesWater A
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Water And Sewer RatingsLastly, Stan
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Water And Sewer Ratings■■also r
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Water And Sewer Ratingsdebt service
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Electric Utility Ratingstherefore c
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Electric Utility Ratingsits viabili
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Electric Utility Ratingsfor systems
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Solid Waste System Financingsyears.
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Solid Waste System Financingsmitiga
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TransportationAirport Revenue Bonds
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Airport Revenue Bondsports can be v
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Airport Revenue BondsDemand informa
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Stand-Alone Passenger Facility Char
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Airport Multi-Tenant Special Facili
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Airport Multi-Tenant Special Facili
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Port Facilities Revenue Bondsincrea
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Toll Road And Bridge Revenue BondsT
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Toll Road And Bridge Revenue BondsN
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Mass Transit Bonds Secured By Fareb
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Parking Revenue BondsParking Revenu
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Health CareNot-For-Profit Health Ca
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Not-For-Profit Health Careconcerns.
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Not-For-Profit Health Caregroup, St
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Not-For-Profit Health CareLegal Rev
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Not-For-Profit Health CareStandard
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Senior Livingsystem’s credit stan
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Senior LivingLegal CriteriaStandard
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Senior Livinging” criteria may ap
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Physician Groups And Faculty Practi
Page 172 and 173: Physician Groups And Faculty Practi
Page 174 and 175: Human Service Providerswhich can di
Page 176 and 177: Education And Non-Traditional Not-F
Page 178 and 179: Higher EducationProgram offerings.
Page 180 and 181: Higher EducationRisk managementStan
Page 182 and 183: Higher Educationa general obligatio
Page 184 and 185: Higher EducationSelected Public Col
Page 186 and 187: Higher EducationThe revenue pledgeT
Page 188 and 189: Higher Educationtial demand for hou
Page 190 and 191: Higher Education■■The project i
Page 192 and 193: Private Elementary And Secondary Sc
Page 194 and 195: Private Elementary And Secondary Sc
Page 196 and 197: Charter Schoolsan impartial legal f
Page 198 and 199: Charter Schoolsstates are not alway
Page 200 and 201: Charter Schoolsauthorizer have guid
Page 202 and 203: Non-Traditional Not-For-Profitsconv
Page 204 and 205: Non-Traditional Not-For-ProfitsCult
Page 206 and 207: Non-Traditional Not-For-Profitspara
Page 208 and 209: Municipal Structured FinanceIntrodu
Page 210 and 211: Introduction To Structured Financea
Page 212 and 213: Introduction To Structured FinanceC
Page 214 and 215: Introduction To Structured Financei
Page 216 and 217: Introduction To Structured FinanceL
Page 218 and 219: Municipal Applications For Joint Su
Page 220 and 221: Municipal Applications For Joint Su
Page 224 and 225: Forward Purchase Contracts And ‘A
Page 226 and 227: Secondary Market Derivative Product
Page 232 and 233: Single-Family Whole Loan Programsth
Page 234 and 235: Single-Family Whole Loan ProgramsTh
Page 236 and 237: Single-Family Whole Loan Programspo
Page 238 and 239: Single-Family Whole Loan ProgramsA3
Page 240 and 241: Single-Family Whole Loan ProgramsTa
Page 242 and 243: Single-Family Whole Loan ProgramsRe
Page 244 and 245: Single-Family Second Mortgage Loans
Page 246 and 247: Single-Family Mortgage-Backed Secur
Page 248 and 249: Property Improvement LoansCertain o
Page 250 and 251: Property Improvement Loansunder a s
Page 252 and 253: FHA Insured Multifamily MortgagesMo
Page 254 and 255: FHA Insured Multifamily Mortgagesth
Page 256 and 257: FHA Insured Multifamily Mortgagesda
Page 258 and 259: FHA Insured Multifamily MortgagesHF
Page 260 and 261: Ginnie Mae, Fannie Mae, And Freddie
Page 262 and 263: Ginnie Mae, Fannie Mae, And Freddie
Page 264 and 265: Unenhanced Affordable Housing Proje
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Affordable Multifamily Housing Pool
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Military Housing Privatizations■
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Military Housing Privatizationsimpa
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Federally Subsidized Housing Progra
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Federally Subsidized Housing Progra
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Public Housing Authority Debtinvest
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Public Housing Authority Debtthe PH
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Public Housing Authority Debtto pay
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Housing Finance AgenciesKey financi
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Housing Finance AgenciesIn many ins
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Bond Insurancenet losses will occur
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Bond Insuranceing; the durability o
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Bond Insurancereinsurance as descri
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Bond Insurancepaying resources. The
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Bond Insurancethe terms of the enga
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Bond InsuranceTable 6 U.S. Municipa
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Bond Insuranceinvolves a formal bus
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Bond Insuranceyears of the modeling
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Bond Insurancemargin of safety meas
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Government Investment Pool(NAV) to
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Government Investment Poolon an ove
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Government Investment Pooland $1.00
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Government Investment Poolsevere in
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Government Investment PoolVariable
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Assessing Construction RiskInterest
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Assessing Construction Riskelect to
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Pension Fund Credit Enhancement And
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Public Pension FundsPublic Pension
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Public Pension Funds■■Operating
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Public Pension Fundscompensation ag
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