U.S. football stadium Jets Stadium Development LLC is recapitalizing its portion of its existing debt, converting the Series 2007A-4 bonds to weekly variable-rate demand notes supported by a direct-pay letter of credit (LOC) from Sumitomo Mitsui Banking Corp. and supplemental revenues of personal seat license revenues (PSL), parking revenues, and other event revenues. The supplemental revenues will support the Series 2007A-4 bonds first and the Series 2007A-1 and Series 2007A-3 bonds on a second-lien basis. We applied our joint rating criteria, assuming low correlation, to the issue based on the LOC provided by Sumitomo and the issuer, Jets Stadium Development and assigned a 'AA/A-1' underlying rating to the 2007A-4 series based on preliminary documentation. At the same time, we assigned
