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Summary: Illinois Development Finance Authority Fenwick High School Inc.; Letter of Credit Jan 12 Product Image

Summary: Illinois Development Finance Authority Fenwick High School Inc.; Letter of Credit Jan 12

  • ID: 2047397
  • January 2012
  • Region: Illinois
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services revised its rating to 'A/A-1' from 'A+/A-1' on Illinois Development Finance Authority's series 1997 bonds, issued on behalf of the Fenwick High School Project, based on the substitute letter of credit (LOC) provided by PNC Bank N.A. (A/A-1). The rating was previously based on a LOC provided by JPMorgan Chase Bank N.A. (A+/A-1). The substitute LOC is effective on Jan. 30, 2012 and initially expires on Jan. 30, 2015, unless terminated earlier pursuant to their terms. It covers the purchase price of tendered, but unremarketed bonds, as well as principal of and up to 60 days' interest calculated at the maximum rate of 10%. The substitute LOC will terminate upon the conversion to any mode...

Companies mentioned in this report are: Fenwick High Sch Inc,Illinois Dev Fin Auth
Action: Downgraded

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, READ MORE >

Fenwick High Sch Inc,Illinois Dev Fin Auth

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