TEXT-S&P rates NY Liberty Development (3 WTC) prelim 'A+/A-1'
July 31 - Standard & Poor's Ratings Services today assigned its preliminary 'A+/A-1' rating to New York Liberty Development Corp.'s $2.625 million multimodal liberty revenue refunding bonds series 2011B-2 (for the 3 World Trade Center project) due Dec. 1, 2049 (the series 2011B-2 Tower 3 bonds). The preliminary rating is based on information as of July 31, 2012. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. The preliminary rating reflects our opinion of the credit and liquidity support that JPMorgan Chase Bank N.A. ('A+/A-1') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, JPMorgan Chase Bank N.A. fully supports all bond payment obligations when the bonds are in the daily and weekly interest rate reset modes. Therefore, our preliminary rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely withdraw our rating. The 'A+' long-term component of our preliminary rating is based on our long-term issuer credit rating on JPMorgan Chase Bank N.A. and addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The 'A-1' short-term component of our preliminary rating is based on our short-term issuer credit rating on JPMorgan Chase Bank N.A. and addresses full and timely payments of interest and principal when the bondholders have exercised the put option. In view of the series 2011B-2 Tower 3 bonds structure, changes to our rating on the daily and weekly rate bonds can result from, among other things, changes to our rating on the LOC provider or amendments to the transaction's terms. We will maintain a rating on the bonds as long as they are in the daily or weekly rate mode and the LOC has not expired or otherwise terminated. If either of these conditions changes, we will likely withdraw our rating on the bonds. RELATED CRITERIA AND RESEARCH -- Presale: New York Liberty Development Corp. - Series 2011B-2 (For The 3 World Trade Center Project), July 31, 2012 -- General Criteria: Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral, May 31, 2012 -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012 -- General Criteria: Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31. 2012 -- JPMorgan Chase & Co., April 18, 2012 -- Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
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