Summary: Illinois Finance Authority Liberty Towers Associates II L.P.; Letter of Credit Aug 07

Standard & Poors, August 2007

Abstract
The 'A+' rating on Illinois Finance Authority's multifamily housing revenue bonds (Liberty Towers Associates II LP) series 2007A is based on a LOC provided by Harris Bank N.A. (A+). The bonds will initially bear interest in a initial flexible mode until Sept. 30, 2009. During this initial period the bonds will not be eligible for tenders, and the bonds will carry only a long-term rating for this initial period. The LOC will provide payment for regularly scheduled principal of and interest, in an amount equal to 195 days at the maximum rate of during the flexible rate modes. The anticipated date of expiration is Oct. 15, 2009, unless extended. Following this initial flexible mode, the bonds upon mandatory tender maybe...

Companies mentioned in this report are:
- Liberty Towers Assoc. II LP
- Illinois Fin Auth

Action: New Rating

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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.

- Liberty Towers Assoc. II LP
- Illinois Fin Auth

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