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Bradley University, Illinois; Higher Education, Private Coll/Univ - General Obligation; Public Finance Structured, Insured Liquidity
Standard & Poors, Dec 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
The 'AAA' rating on the Illinois Development Finance Authority's bonds, issued for Bradley University, is based on a municipal bond insurance policy provided by Financial Guaranty Insurance Co. The 'A-1' rating is based on a standby bond purchase agreement (SBPA) provided by National City Bank of Michigan/Illinois. The SBPA provides for the principal of and a maximum of 34 days' interest on tendered but unremarketed bonds. The bonds will initially bear interest in the weekly mode but can be converted to the adjustable, long-term, or fixed modes. The initial SBPA terminates on Dec. 1, 2005, unless terminated upon conversion to the fixed mode or pursuant to the terms of the SBPA. While in the weekly mode, the bonds are subject...
Companies mentioned in this report are: Bradley Univ,Illinois Fin Auth
Action: New Rating
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