Summary: Illinois Finance Authority NorthShore-Edward-Elmhurst Health Credit Group; System

S&P Global Ratings assigned its 'AA-/A-1' rating to Illinois Finance Authority's $181 million series 2022C, 2022D, 2022E, and 2022F revenue bonds, issued for NorthShore-Edward-Elmhurst Health Credit Group (NS-EEH). The outlook is stable. The long-term component of the rating reflects our view of NS-EEH. The short-term component of the rating reflects our assessment of the individual standby bond purchase agreements (SBPAs) provided by JPMorgan Chase Bank N.A. The bonds are variable rate (multi-modal) with third-party liquidity enhancement in the form of individual SBPAs. Each SBPA's purchase period begins on the closing date, April 14, 2022, and provides principal coverage and 35 days' interest at a maximum annual rate of 12% for the purchase price of bonds tendered and not successfully remarketed.

...The long-term component of the rating reflects our view of NS-EEH. The short-term component of the rating reflects our assessment of the individual standby bond purchase agreements (SBPAs) provided by JPMorgan Chase Bank N.A. The bonds are variable rate (multi-modal) with third-party liquidity enhancement in the form of individual SBPAs. Each SBPA's purchase period begins on the closing date, April 14, 2022, and provides principal coverage and 35 days' interest at a maximum annual rate of 12% for the purchase price of bonds tendered and not successfully remarketed. The SBPAs provide bond coverage during the daily and weekly rate modes (the covered modes). The bonds will initially be issued in the daily rate mode. During the covered modes, bondholders can elect to optionally tender their bonds upon providing the requisite notice. The bonds are also subject to mandatory tender should the interest rate on them be converted to other interest rate modes (except between the covered mode periods)....

Summary