OREANDA-NEWS. S&P Global Ratings today assigned its 'A-/A-2' rating to the issuer's (Clyde A. Szuch, in his capacity as Trustee under Irrevocable Trust Agreement dated March 7, 1986, between Richard L. Plotkin, Grantor, and Clyde A. Szuch, Trustee, and not in his personal capacity) $3.6 million taxable variable-rate notes series 2016.

The 'A-/A-2' rating reflects our opinion of the credit and liquidity support that BOKF N. A. ('A-/A-2') provides in the form of an irrevocable direct-pay letter of credit (LOC) during the weekly interest rate mode (the rated mode). The LOC covers the entire principal balance and 35 days of interest accruals at a 10% maximum note rate. During the rated mode, we believe that the coverage amount is sufficient to pay note principal and maximum accrued interest, considering the same-day reinstatement period and any additional time that may elapse before a full payment is made to the noteholders.

The long-term component of our rating is based on our long-term issuer credit rating on BOKF N. A. and addresses full and timely interest and principal payments when the noteholders have not exercised the put option. The short-term component of our rating is based on our short-term issuer credit rating on BOKF N. A. and addresses full and timely interest and principal payments when the bondholders have exercised the put option.

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