Summary: Massachusetts Housing Finance Agency; Joint Criteria

Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Massachusetts Housing Finance Agency's series 2009A and 2009B (federally taxable) housing bonds due to the substitution of the letter of credit (LOC) provided by Bank of New York, Mellon with an LOC provided by TD Bank N.A. The long-term rating is based on the application of the low-correlation joint criteria, reflecting the ratings on the agency's underlying housing bonds and TD Bank N.A. The short-term component of the rating is based solely on the short-term issuer credit rating on TD Bank N.A. The 'AA-' underlying rating (SPUR) on the bonds reflects the unenhanced rating of the resolution. The LOC provides coverage for the payment of principal of, and interest on,

...Standard & Poor's Ratings Services affirmed its '###/A-1+' rating on Massachusetts Housing Finance Agency's series 2009A and 2009B (federally taxable) housing bonds due to the substitution of the letter of credit (LOC) provided by Bank of New York, Mellon with an LOC provided by TD Bank N.A. The long-term rating is based on the application of the low-correlation joint criteria, reflecting the ratings on the agency's underlying housing bonds and TD Bank N.A. The short-term component of the rating is based solely on the short-term issuer credit rating on TD Bank N.A. The '##-' underlying rating (SPUR) on the bonds reflects the unenhanced rating of the resolution. The LOC provides coverage for the payment of principal of, and interest on, the bonds, including the payment of unremarketed tendered bonds during the weekly interest rate mode. The LOC provides for a maximum of 55 days' interest coverage at 12% annually for the 2009A bonds and 15% annually for the 2009B bonds. The expiration date...

Summary