Summary: Illinois Finance Authority Rockford Health System; Letter of Credit Dec 08

  • ID: 1723388
  • December 2008
  • Region: Illinois
  • Standard & Poors
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  • Illinois Fin Auth
  • Rockford Hlth Sys
  • MORE

The 'AA/A-1+' rating on Illinois Finance Authority's (Rockford Health System) variable-rate demand revenue bonds series 2008, issued on behalf of Rockford Memorial Hospital Obligated Group, is based on a letter of credit (LOC) provided by JPMorgan Chase Bank (AA/A-1+). The LOC provides coverage for payment of principal and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOC provides for 42 days of interest at the 12% maximum rate. The anticipated expiration date of the LOC is Jan. 31, 2012, unless earlier terminated. Upon the expiration date, the rating will be withdrawn unless the LOC is extended pursuant to its terms or an alternative LOC is delivered. The bonds are subject to mandatory tender upon the following...

Companies mentioned in this report are:
- Rockford Hlth Sys
- Illinois Fin Auth

Action: New Rating

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- Rockford Hlth Sys
- Illinois Fin Auth

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