Rating On One Maturity Of Watervliet, NY's Series 2018 Bonds Lowered To 'A+'

CHICAGO (S&P Global Ratings) Nov. 28, 2018--S&P Global Ratings has corrected 
its rating on Watervliet, N.Y.'s series 2018 general obligation (GO) refunding 
bonds due 2019 by lowering it to 'A+' from 'AA'. The 'AA' rating, which we 
assigned on Nov. 16, 2018, was based on the terms of a bond insurance policy 
that covered all series 2018 refunding bonds, including the bonds due 2019.  

Subsequently, we received a revised bond insurance policy, which excluded the 
bonds due 2019 from coverage. Because the "enhanced" 'AA' bond-insured rating 
is no longer applicable to the bonds due 2019, the correct rating on the bonds 
due 2019 is 'A+' with a negative outlook, which is our current rating on 
Watervliet's GO debt. Similarly, in the absence of a bond-insured enhanced 
rating, the concept of an "underlying" rating no longer applies. Accordingly, 
we have withdrawn the 'A+' underlying rating originally assigned to the bonds 
due 2019. 
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