Standard & Poor's Ratings Services lowered its joint criteria rating to 'AA+/A-2' from its 'AAA/A-1+' on Illinois Finance Authority's (Delnor-Community Hospital) series 2008A variable-rate demand revenue refunding bonds that were issued to refinance the series 2006 auction-rate bonds due to the downgrade of 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 otherwise terminated or extended according to its terms. Standard...
Companies mentioned in this report are:
- Delnor Comnty Hosp
- Illinois Hlth Fac Auth
- Illinois Finance Authority
Action: New Rating
Action: Outlook: Stable
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