...NEW YORK (S&P Global Ratings) Aug. 8, 2017--S&P Global Ratings today placed its 'A-/A-2' ratings on two bond issues supported by letters of credit (LOCs) provided by Valley National Bank on CreditWatch with negative implications (see list). Today's rating actions reflect the July 26, 2017, placement of our 'A-/A-2' issuer credit rating on Valley National Bank on CreditWatch with negative implications. The long- and short-term components of our ratings on these bonds are based on our long- and short-term issuer credit ratings on Valley National Bank. The long-term components of our ratings address full and timely interest and principal payments when the bondholders have not exercised the put option. The short-term components of our ratings address full and timely interest and principal payments when the bondholders have exercised the put option. In view of the bonds' structures, changes to our ratings on these bonds can result from, among other things, changes to our rating on the LOC provider,...
