Public Finance Authority Taxable Revenue Bonds (RAM Eufaula Hospitality LLC Project) Series 2015-A Rating Affirmed

NEW YORK (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings today affirmed its 'AA+/A-1+' rating on Public Finance Authority's $6.005 million taxable revenue bonds series 2015-A (for the RAM Eufaula Hospitality LLC Project). The affirmation reflects the Dec. 7, 2018, substitution of the existing confirming letter of credit (CLOC) provided by the Federal Home Loan Bank of Atlanta (FHLB-Atlanta) with a new CLOC provided by the Federal Home Loan Bank of New York (FHLB-New York). The fronting letter of credit (FLOC) provider, USAmeriBank, was acquired by Valley National Bank in the first quarter of 2018. As a result, Valley National Bank, as successor by merger to USAmeriBank, is now the FLOC provider. The 'AA+' long-term component of our rating reflects

...NEW YORK (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings today affirmed its '##+/A-1+' rating on Public Finance Authority's $6.005 million taxable revenue bonds series 2015-A (for the RAM Eufaula Hospitality LLC Project). The affirmation reflects the Dec. 7, 2018, substitution of the existing confirming letter of credit (CLOC) provided by the Federal Home Loan Bank of Atlanta (FHLB-Atlanta) with a new CLOC provided by the Federal Home Loan Bank of New York (FHLB-New York). The fronting letter of credit (FLOC) provider, USAmeriBank, was acquired by Valley National Bank in the first quarter of 2018. As a result, Valley National Bank, as successor by merger to USAmeriBank, is now the FLOC provider. The '##+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on Valley National Bank ('###+/A-2') and FHLB-New York ('##+/A-1+') and addresses our expectation for full and timely interest and principal payments when the bondholders have not exercised...

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