Illinois Finance Authority Series 1999 (For The Chicago Horticultural Society Project) Rating Lowered

NEW YORK (S&P Global Ratings) Dec. 28, 2016--S&P Global Ratings today lowered its rating on Illinois Finance Authority's (the issuer's) $20 million adjustable demand revenue bonds series 1999 (for the Chicago Horticultural Society project) due Jan. 1, 2029, to 'A+/A-1' from 'AA-/A-1+'. The downgrade reflects the Dec. 28, 2016, substitution of the existing letter of credit (LOC) provided by The Northern Trust Co. ('AA-/A-l+') with a new LOC from BMO Harris Bank N.A. ('A+/A-1'). The 'A+' long-term component of our rating is based on our long-term issuer credit rating on BMO Harris Bank N.A and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of

...NEW YORK (S&P Global Ratings) Dec. 28, 2016--S&P Global Ratings today lowered its rating on Illinois Finance Authority's (the issuer's) $20 million adjustable demand revenue bonds series 1999 (for the Chicago Horticultural Society project) due Jan. 1, 2029, to 'A+/A-1' from '##-/A-1+'. The downgrade reflects the Dec. 28, 2016, substitution of the existing letter of credit (LOC) provided by The Northern Trust Co. ('##-/A-l+') with a new LOC from BMO Harris Bank N.A. ('A+/A-1'). The 'A+' long-term component of our rating is based on our long-term issuer credit rating on BMO Harris Bank N.A and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1' short-term component of our rating is based on our short-term issuer credit rating on BMO Harris Bank N.A and addresses our expectation of full and timely interest and principal payments when the bondholders have exercised the put option. The interest rate on...

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