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Illinois Finance Authority Bonds Series 2004A And 2004B (Sunshine Through Golf Foundation) Ratings Raised Apr 09 Product Image

Illinois Finance Authority Bonds Series 2004A And 2004B (Sunshine Through Golf Foundation) Ratings Raised Apr 09

  • ID: 1723539
  • April 2009
  • Region: Illinois
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) April 21, 2009--Standard & Poor's Ratings Services today raised its ratings on Illinois Finance Authority's $2.1 million variable-rate demand revenue bonds series 2004A and $0.14 million taxable variable-rate demand revenue bonds series 2004B (Sunshine Through Golf Foundation project) to 'AA/A-1+' from 'A+/A-1'. Today's rating actions reflect the substitution of the letter of credit (LOC) provided by Bank of America N.A. ('A+/A-1') with a new fronting LOC provided by First American Bank (not rated) and a new confirming LOC provided by Federal Home Loan Bank of Chicago ('AA/A-1+'). The transaction's maturity date has been extended to May 1, 2030, from Nov. 1, 2024. The ratings are based on the credit and liquidity support provided by Federal...

Companies mentioned in this report are:
- Illinois Fin Auth
- Federal Home Loan Bank of Chicago

Action: Upgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Illinois Fin Auth
- Federal Home Loan Bank of Chicago

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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