TEXT-S&P raises PreferredPLUS Trust Series BLC-2 rating to 'BB'
Nov 27 - Standard & Poor's Ratings Services today raised its rating on PreferredPLUS Trust Series BLC-2's $33.530 million 8.00% certificates to 'BB' from 'BB-'.
Our rating on the certificates is dependent on our rating on the underlying security; Belo Corp.'s $250 million 7.25% senior debentures due Sept. 15, 2027.
Today's rating action follows the Nov. 19, 2012, raising of our rating on the underlying security to 'BB' from 'BB-'. We may take subsequent rating actions on the certificates due to changes in our rating on the underlying security.
RELATED CRITERIA AND RESEARCH
-- Belo Corp. Upgraded To 'BB' On Reduced Debt Leverage; Outlook Stable, Nov. 19, 2012
-- Legal Criteria for U.S. Structured Finance Transactions: Overview of Legal Criteria for U.S. Structured Finance Transactions, Oct. 1, 2006
-- Legal Criteria for U.S. Structured Finance Transactions: Criteria Related to Global Synthetic Securities, Oct. 1, 2006