Massachusetts Housing Finance Agency; Letter Of Credit

Standard&Poor's Ratings Services assigned its 'A/A-1' rating to Massachusetts Housing Finance Agency's (the issuer's) $33.3 million 2015 series A variable-rate housing revenue bonds, issued for the Princeton-Westford project and due Jan. 1, 2034. The 'A/A-1' rating reflects our opinion of credit and liquidity support from Bank of America N.A. in the form of an irrevocable direct-pay letter of credit (LOC) while the bonds bear interest in the weekly rate mode (the rated mode). The LOC covers the entire principal balance and 45 days of interest accruals at a maximum 12% rate. During the rated mode, we believe LOC coverage is sufficient to cover bond principal and maximum accrued interest, factoring the four-calendar day interest reinstatement period, and any

...Standard & Poor's Ratings Services assigned its 'A/A-1' rating to Massachusetts Housing Finance Agency's (the issuer's) $33.3 million 2015 series A variable-rate housing revenue bonds, issued for the Princeton-Westford project and due Jan. 1, 2034. The 'A/A-1' rating reflects our opinion of credit and liquidity support from Bank of America N.A. in the form of an irrevocable direct-pay letter of credit (LOC) while the bonds bear interest in the weekly rate mode (the rated mode). The LOC covers the entire principal balance and 45 days of interest accruals at a maximum 12% rate. During the rated mode, we believe LOC coverage is sufficient to cover bond principal and maximum accrued interest, factoring the four-calendar day interest reinstatement period, and any additional time that may elapse before a full payment is made to bondholders. The 'A' long-term component of the rating reflects the long-term issuer credit rating (ICR) on Bank of America N.A. and our opinion of the likelihood of full...

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