Rating Raised On Alameda County Industrial Development Authority Series 1996A Bonds

NEW YORK (S&P Global Ratings) April 18, 2019--S&P Global Ratings today raised 
its rating on Alameda County Industrial Development Authority's series 1996A 
variable-rate demand revenue bonds to 'A+/A-1' from 'A/A-1'. The series 1996A 
bonds are supported by a fronting letter of credit (FLOC) provided by Bank of 
the West ('A/A-1') and a confirming letter of credit (CLOC) provided by BNP 
Paribas ('A+/A-1').

Today's rating action reflects our recent raising of our issuer credit ratings 
on BNP Paribas to 'A+/A-1' from 'A/A-1' and Bank of the West to 'A/A-1' from 
'A-/A-2' (see "BNP Paribas And Most Core Banking Entities Upgraded To 'A+' On 
Build-Up Of Bail-In-Able Buffer; Outlook Stable," published April 5, 2019).

The long- and short-term components of our rating on the bonds are based on 
the higher of our long- and short-term issuer credit ratings on the CLOC and 
the FLOC providers. Although each bank fully supports the bonds' repayment 
when they are in the rated modes, we did not apply our joint-support 
methodology because we believe that BNP Paribas and Bank of the West 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 long-term component of our rating on the bonds addresses the likelihood, 
in our view, of full and timely payments of interest and principal when the 
bondholders have not exercised the put option. The short-term component of our 
rating addresses the likelihood of full and timely payments of interest and 
principal when the bondholders have exercised the put option.

In view of the bonds' structure, changes to our rating on the bonds can result 
from, among other things, changes to our rating on the FLOC provider or CLOC 
provider, the FLOC or CLOC expiration or termination, or amendments to the 
transaction's terms. We will maintain our rating on these bonds as long as 
they are in the rated modes. If any of these conditions changes, we will 
likely withdraw our rating.
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