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Summary: Lombard Village, Illinois; General Obligation Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services lowered its issuer credit rating (ICR) on Lombard Village, Ill. to 'BBB' from 'AA', and the rating on the village's debt certificates to 'BBB-' from 'AA-'. The outlook on the ratings is stable. The downgrades reflect our view of the village board's vote in the last week of 2011 to reject a requested payment of $911,747.94 to cover a shortfall in the January 2012 debt service payment for the Lombard Public Facilities Corp.'s (LPFC) series 2005A hotel and conference center revenue bonds. Under terms of the tax rebate agreement, the village is committed to replenishing a $2 million reserve fund for the corporation's series 2005A first-tier bonds in the event that net project revenues and...
Companies mentioned in this report are: Lombard Vill,Lombard Pub Facs Corp.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Lombard Vill,Lombard Pub Facs Corp.