Rating Action: Moody’s upgrades to A2/P-1 LOC-backed Mississippi Business Finance Corporation, MS, Variable Rate Demand Revenue Bonds (Tri-State Truck Center, Inc. Project), Series 2008Global Credit Research – 24 Feb 2022New York, February 24, 2022 — Moody’s Investors Service (Moody’s) has upgraded to A2/P-1 from A3/P-2 the long-term and short-term ratings of the Mississippi Business Finance Corporation, MS, Variable Rate Demand Revenue Bonds (Tri-State Truck Center, Inc. Project), Series 2008 (the Bonds). Moody’s reviewed the ratings of the Bonds following Moody’s rating action of Regions Bank (the Bank) on February 17, 2022. At such time Moody’s upgraded the long-term and short-term Counterparty Risk (CR) Assessment of the Bank to A2(cr) and P-1(cr). For more information on such rating action please see the press release published on such date. This action concludes the review for possible upgrade initiated on December 02, 2021.RATINGS RATIONALEThe ratings continue to be based upon (i) the direct-pay letter of credit provided by the Bank; (ii) the structure and legal protections of the transaction, which provides for timely payment of debt service and purchase price to bondholders; and (iii) Moody’s evaluation of the credit quality of the Bank. Moody’s currently rates Regions Bank’s long-term and short-term Counterparty Risk (CR) Assessments A2(cr) and P-1(cr), respectively.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS** Long-term: Moody’s upgrades the long-term CR Assessment of the Bank.** Short-term: Not applicable.FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS** Long-term: Moody’s downgrades the long-term CR Assessment of the Bank.** Short-term: Moody’s downgrades the short-term CR Assessment of the Bank.The principal methodology used in these ratings was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1068154. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Randy Matlosz Analyst Public Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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