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

Standard & Poors, January 2012

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, 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.

Fenwick High Sch Inc,Illinois Dev Fin Auth

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