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Illinois Development Finance Authority Series 2003 (Sexton Energy) Series 2003 Rating Raised To 'A-/A-2' Mar 12 Product Image

Illinois Development Finance Authority Series 2003 (Sexton Energy) Series 2003 Rating Raised To 'A-/A-2' Mar 12

  • ID: 2087669
  • March 2012
  • Region: Illinois
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) March 15, 2012--Standard & Poor's Ratings Services today raised its rating on Illinois Development Finance Authority's $7.5 million variable-rate demand revenue bonds series 2003 (for the Sexton Energy LLC project) due Oct. 1, 2023, to 'A-/A-2' from 'BBB+/NR' following the replacement of the irrevocable direct-pay letter of credit (LOC) provided by Associated Bank N.A. ('BBB+/NR') with a new LOC from FirstMerit Bank N.A. ('A-/A-2'). The 'A-/A-2' rating reflects our opinion of the credit and liquidity support that FirstMerit Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, FirstMerit Bank N.A. fully supports all bond payment obligations when the bonds are in the variable interest rate mode. Therefore, our rating applies...

Companies mentioned in this report are:
- Illinois Dev Fin Auth

Action: Upgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Illinois Dev Fin Auth

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