On Sept. 4, 2012, Standard&Poor's Ratings Services raised its rating on Rhode Island Health and Educational Building Corp.'s higher education facility revenue bonds series 2008B (for the Roger Williams University project) due Nov. 15, 2038, to 'AA-/A-1+' from 'A/A-1' following the replacement of the letter of credit (LOC) that Bank of America N.A ('A/A-1') had provided with a new LOC from U.S. Bank N.A. ('AA-/A-1+'). The 'AA-/A-1+' rating reflects our opinion of the credit and liquidity support that U.S. Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, U.S. Bank N.A. fully supports all bond payment obligations when the bonds are in the weekly and monthly rate modes. Therefore, our rating applies only
