OREANDA-NEWS. S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' rating on the Middlesex County Improvement Authority, N. J.'s series 2001 revenue bonds (Middlesex County Administration Building Residential Housing Project).

"The rating reflects our view of the strong credit quality of the assets and credit support underlying the issue," said S&P Global Ratings credit analyst Renee Berson, "while the negative outlook reflects the outlook on HSBC Bank USA N. A." Bond fund balances are held pursuant to a repurchase agreement with HSBC Bank USA (AA-/Negative). The rating on the bonds is capped at 'AA-/Negative', reflecting the rating on HSBC Bank USA.