Summary: Oak Forest, Illinois; General Obligation Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services has lowered its long-term rating on Oak Forest, Ill.'s series 2008A, 2008B, 2009A, and 2009B general obligation (GO) bonds to 'AA-' from 'AA', reflecting a deterioration in general fund reserves in recent years, as well as a sharp reduction in general fund liquidity. The outlook remains stable, as management has put measures in place to balance expenditures with stagnant revenues. The 'AA-' rating also reflects our view of the following credit factors: Participation in the deep and diverse Chicago metropolitan area economy; Strong wealth and income levels; Maintenance of strong reserves in combined general and nongeneral available fund balances, despite the recent decreases; and Good financial management practices. A moderate to moderately high debt burden...

Companies mentioned in this report are:
- Oak Forest

Action: Downgraded
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.

- Oak Forest

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