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

Standard & Poors, December 2008

Abstract
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 Upon the expiration date, the rating will be withdrawn unless the LOC is extended pursuant to its terms or an alternative LOC is delivered.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

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.

- Rockford Hlth Sys
- Illinois Fin Auth

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