Public Finance Authority Taxable Revenue Bonds (RAM Eufaula Hospitality LLC Project) Series 2015-A Rating Affirmed

NEW YORK (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings today affirmed 
its 'AA+/A-1+' rating on Public Finance Authority's $6.005 million taxable 
revenue bonds series 2015-A (for the RAM Eufaula Hospitality LLC Project).

The affirmation reflects the Dec. 7, 2018, substitution of the existing 
confirming letter of credit (CLOC) provided by the Federal Home Loan Bank of 
Atlanta (FHLB-Atlanta) with a new CLOC provided by the Federal Home Loan Bank 
of New York (FHLB-New York). The fronting letter of credit (FLOC) provider, 
USAmeriBank, was acquired by Valley National Bank in the first quarter of 
2018. As a result, Valley National Bank, as successor by merger to 
USAmeriBank, is now the FLOC provider. 

The 'AA+' long-term component of our rating reflects the higher of our 
long-term issuer credit ratings on Valley National Bank ('BBB+/A-2') and 
FHLB-New York ('AA+/A-1+') and addresses our expectation for full and timely 
interest and principal payments when the bondholders have not exercised the 
put option. The 'A-1+ ' short-term component of our rating reflects the higher 
of our short-term issuer credit ratings on Valley National Bank and FHLB-New 
York and addresses our expectation for full and timely interest and principal 
payments when the bondholders have exercised the put option. Although each 
bank fully supports the bonds' repayment when they are in the rated mode, we 
did not apply our joint-support methodology because we believe that FHLB-New 
York and its member banks are too highly correlated. (For more information on 
our joint-support methodology, see "Methodology And Assumptions For Rating 
Jointly Supported Financial Obligations," published May 23, 2016.) 

The interest rate on the bonds will reset weekly (the weekly rate mode) while 
the LOCs are in effect. The weekly rate is subject to a maximum 10% annual 
rate. The LOCs provide for the payment of principal and 35 days of interest, 
calculated at the maximum 10% annual rate, which we believe is sufficient to 
cover principal and the maximum interest amount payable on each interest 
payment date.

In view of the bond structure, changes to our rating on the bonds can result 
from, among other things, changes to our ratings on the LOC providers or 
amendments to the transaction's terms. We will maintain a rating on the bonds 
as long as they are in the rated mode and the LOCs have not expired or have 
otherwise been terminated. If either of these conditions changes, we will 
likely withdraw our rating on the bonds.