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Summary: Illinois; Appropriation, Moral Obligation Jul 04
Standard & Poors, July 2004
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 If any money is withdrawn from the reserve fund to make a debt service payment, or if insufficient funds are available to pay debt service, the authority's chairperson is directed to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 Fin Auth
Action: New Rating
Action: Outlook: Negative
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- Illinois Fin Auth