The rating assigned to Minneapolis, Minn.'s (the issuer's) variable rate demand revenue bonds series 2006 (for the MacPhail Center for Music project) reflects our opinion of the credit and liquidity support that U.S. Bank N.A. ('AA-/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, U.S. Bank fully supports all bond payment obligations when the bonds are in the daily, weekly or monthly interest rate reset modes. Therefore, our rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'AA-' long-term component of our rating is based on our long-term issuer credit rating
