SAN FRANCISCO (S&P Global Ratings) May 11, 2016--S&P Global Ratings said today it corrected its underlying rating on Jets Stadium Development LLC's $255 million series 2007A-4 bonds by lowering it to 'BBB-' from 'AA/A-1' and assigning a stable outlook. The 2007A-4 bonds benefit from a bond insurance policy from Assured Guaranty Municipal Corp. and a direct-pay letter of credit from Sumitomo Mitsui Banking Corp., resulting in an enhanced dual rating of 'AA/A-1'. The underlying rating on the bonds is 'BBB-', reflecting our opinion of the stand-alone creditworthiness of the obligation without taking into account any credit enhancement. Due to an error, we inadvertently assigned 'AA/A-1' to the underlying rating for the 2007A-4 bonds when we issued our rating on Jets
