...NEW YORK (S&P Global Ratings) Aug. 8, 2016--S&P Global Ratings lowered its rating on AARP, D.C.'s series 2001 taxable variable rate demand notes to '##/A-1' from '##+/A-1' and placed the rating on CreditWatch with positive implications. The rating action and CreditWatch placement reflect the scheduled substitution on Aug. 9, 2016, of the existing letter of credit (LOC) provided by JPMorgan Chase Bank N.A with a new LOC provided by Bank of America N.A. (BOA). Because we placed our rating on BOA on CreditWatch with positive implications on Nov. 2, 2015, an increase of the long-term rating component on the bank would result in the raising of the jointly correlated long-term rating assigned to the bonds, to '##+/A-1'. The short-term component of the rating will solely reflect the short-term rating on the LOC provider, BOA. The long-term component of the rating reflects the joint support of the LOC provided by BOA and the underlying rating (SPUR) on AARP, the obligor, assuming a medium correlation...
