- Published: May 2012
- Region: United States
Summary: Chicago Board Of Education, Illinois; Joint Criteria Dec 11
- Published: December 2011
- Region: Illinois
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'AAA/A-1' rating on Chicago Board of Education, Ill.'s unlimited-tax general obligation (GO) refunding bonds (dedicated revenues) series 2009B. The rating is based on the application of joint criteria (assuming low correlation) of an irrevocable, direct-pay letter of credit (LOC) provided by JPMorgan Chase Bank N.A. (A+/Stable/A-1) and the pledged support of the Chicago Board of Education (AA-/Stable). The short-term component of the rating is based on the liquidity provided by the LOC from JPMorgan Chase Bank. The JPMorgan Chase Bank LOC will be effective as of Dec. 29, 2011. Previously, the rating was based on the irrevocable, direct-pay LOC provided by U.S. Bank N.A. (A+/Stable/A-1). On Dec. 27, 2011, Standard & Poor's lowered...
Companies mentioned in this report are: Chicago Brd of Ed
Action: Outlook: Stable
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Chicago Brd of Ed