Summary: Illinois; Appropriation, Moral Obligation Jul 04

Standard & Poors, July 2004

Abstract
The 'A' rating on Illinois Finance Authority's bond bank revenue bonds reflects the state's moral obligation pledge to replenish the debt service reserve fund. The rating is set one category below the state's 'AA' GO rating to reflect the risk of nonappropriation by the state Legislature. The bonds will be issued with a debt service reserve fund in the amount of maximum annual debt service. If any money is withdrawn from the reserve fund to make a debt service payment, or if insufficient funds are available to pay debt service, the authority's chairperson is directed to certify to the state's governor, as soon as practicable, the amount needed to restore the reserve fund to its required level. The governor is...

Companies mentioned in this report are:
- Illinois
- Illinois Fin Auth

Action: New Rating
Action: Outlook: Negative

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Illinois
- Illinois Fin Auth

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