Illinois Finance Authority Multifamily Housing Revenue Bonds Series 1999 'AA+/A-1+' Rating Affirmed

NEW YORK (Standard&Poor's) Dec. 4, 2015--Standard&Poor's Ratings Services today affirmed its 'AA+/A-1+' rating on Illinois Finance Authority's $6.75 million variable-rate demand multifamily housing revenue bonds series 1999 (for the Butterfield Creek Associates L.P. project) due April 1, 2039. Today's rating action follows the Nov. 2, 2015, placement of our 'A/A-1' issuer credit rating on Bank of America N.A., the LOC provider, on CreditWatch with positive implications. The long- and short-term components of our rating on these bonds are based on the higher of our issuer credit ratings on Bank of America N.A ('A/Watch Pos/A-1'), the fronting letter of credit (FLOC) provider, and Federal Home Loan Bank of Atlanta ('AA+/A-1+'), the confirming letter of credit (CLOC) provider.

...NEW YORK (Standard & Poor's) Dec. 4, 2015--Standard & Poor's Ratings Services today affirmed its '##+/A-1+' rating on Illinois Finance Authority's $6.75 million variable-rate demand multifamily housing revenue bonds series 1999 (for the Butterfield Creek Associates L.P. project) due April 1, 2039. Today's rating action follows the Nov. 2, 2015, placement of our 'A/A-1' issuer credit rating on Bank of America N.A., the LOC provider, on CreditWatch with positive implications. The long- and short-term components of our rating on these bonds are based on the higher of our issuer credit ratings on Bank of America N.A ('A/Watch Pos/A-1'), the fronting letter of credit (FLOC) provider, and Federal Home Loan Bank of Atlanta ('##+/A-1+'), the confirming letter of credit (CLOC) provider. The long-term component of our rating addresses the likelihood that bondholders will receive interest and principal payments when due if they do not exercise the put option. The short-term component of our rating...

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