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
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  • Illinois Finance Agency
  • MORE

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 Finance Agency

Action: Upgraded

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Research type: News
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- Illinois Finance Agency

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