Delnor Community Hospital, IL's Joint Criteria Rating Lowered To 'AA+/A-2' From 'AAA/A-1+'; 'A' SPUR Affirmed Nov 09
- ID: 1723701
- November 2009
- Standard & Poors
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: Outlook: Stable
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.