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Delnor Community Hospital, IL's Joint Criteria Rating Lowered To 'AA+/A-2' From 'AAA/A-1+'; 'A' SPUR Affirmed Nov 09 Product Image

Delnor Community Hospital, IL's Joint Criteria Rating Lowered To 'AA+/A-2' From 'AAA/A-1+'; 'A' SPUR Affirmed Nov 09

  • Published: November 2009
  • Standard & Poors

FEATURED COMPANIES

  • Delnor Comnty Hosp
  • Illinois Fin Auth
  • Illinois Hlth Fac Auth
  • MORE

Abstract
CHICAGO (Standard & Poor's) Nov. 6, 2009--Standard & Poor's Ratings Services lowered its joint criteria rating to 'AA+/A-2' from 'AAA/A-1+' on Illinois Finance Authority's series 2008A variable-rate demand revenue refunding bonds issued for Delnor Community Hospital, which were issued to refinance the series 2006 auction-rate bonds due to the downgrade on the letter-of-credit (LOC) provider. This action is based on Standard & Poor's application of joint criteria assuming low correlation between Delnor Community Hospital ('A') and the LOC provider, Fifth Third Bank ('BBB+/A-2'). The 'A-2' short-term component of the rating reflects the short-term rating on the LOC provider. Fifth Third Bank's rating was lowered on June 17, 2009. The expected expiration date of the LOC is June 4, 2011, unless...

Companies mentioned in this report are:
- Delnor Comnty Hosp
- Illinois Hlth Fac Auth
- Illinois Fin Auth

Action: Affirmed
Action: Downgraded
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns READ MORE >

- Delnor Comnty Hosp
- Illinois Hlth Fac Auth
- Illinois Fin Auth

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