Summary: Mendota Comnty Cons Sch Dist Brd of Ed #289, IL; Tax Secured, School State Program Sep 04
- ID: 1722315
- September 2004
- Standard & Poors
The 'A+' rating on Illinois Finance Authority's bonds, issued for Mendota Community Consolidated School District Board of Education No. 289, reflects the security provided by an irrevocable intercept of general state aid to a trustee in amounts sufficient to meet debt service requirements. The authority purchased local government securities from the obligor, the payments on which were then applied to service the Qualified Zone Academy Bonds (QZABs) issued by the authority. The QZABs are double-tax exempt and payable in a single principal maturity due Dec. 21, 2011. No interest payments are made; instead, bondholders receive credits to federal income taxes. The local government securities issued by the district are GO lease agreements that irrevocably pledge general state aid (the pledged...
Companies mentioned in this report are:
- Illinois Fin Auth
Action: Outlook: Stable
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.
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. SHOW LESS READ MORE >