NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (“KBRA”) has assigned a long-term rating of AA- and a short-term rating of K1+ to the $34.7 million New York State Housing Finance Agency Dock Street Housing Revenue Bonds, 2012 Series A (“Bonds”). The Bonds are being issued by the New York State Housing Finance Agency (“Agency”) in order to finance a portion of a mortgage loan to Dock Street Rental LLC. The Bonds will be issued as variable rate debt obligations with credit and liquidity support provided by an irrevocable Direct Pay Letter of Credit (“DPLC”) issued by Wells Fargo Bank, National Association (“Bank”).
This rating is based on KBRA’s Global Bank & Bank Holding Company Rating Methodology. KBRA currently rates the Bank’s long-term and short-term other senior obligations (“OSO”) AA- and K1+, respectively.
KBRA’s ratings of this transaction are based on a legal analysis of the irrevocable DPLC issued by the Bank in favor of U.S. Bank National Association, as trustee for the benefit of the Bondholders, and an assessment of the Bank’s creditworthiness.
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).