New Issue: Illinois Finance Authority

S&P Global Ratings assigned its 'AA-/A-1+' rating to Illinois Finance Authority's (the issuer's) adjustable-rate demand revenue bonds series 2019 (for the Steppenwolf Theatre Co. project) due March 1, 2049. The 'AA-/A-1+' rating on the bonds reflects our rating on The Northern Trust Co. (AA-/A-1+), the letter of credit (LOC) provider, during the daily and weekly interest rate modes (the rated modes). The 'AA-' long-term component of our rating reflects our long-term issuer credit rating on The Northern Trust Co. 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 reflects our short-term issuer credit rating on The Northern Trust Co. and addresses

...Closing date Feb. 26, 2019. Maturity date March 1, 2049. Structure type Full support, direct-pay LOC. Obligor Steppenwolf Theatre Co. LOC provider The Northern Trust Co. (rating dependency(i)). Trustee The Bank of New York Mellon Trust Company N.A. Remarketing agent PNC Capital Markets LLC. (i)S&P Global Ratings' credit rating on the bonds is linked to its rating on the LOC provider. LOC--Letter of credit....

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