Transaction Update: Illinois Development Finance Authority (Series 1999)

On June 6, 2013, Standard&Poor's Ratings Services raised its rating on Illinois Development Finance Authority's adjustable demand revenue bonds series 1999 (for the Chicago Horticultural Society project) due Jan. 1, 2029, to 'AA-/A-1+' from 'A+/A-1' following the replacement of the irrevocable direct-pay letter of credit (LOC) that JPMorgan Chase Bank N.A. ('A+/A-1') had provided with a new LOC from The Northern Trust Co. ('AA-/A-1+'). The 'AA-/A-1+' rating reflects our opinion of the credit and liquidity support that The Northern Trust Co. provides in the form of an irrevocable direct-pay LOC. Under the LOC, The Northern Trust Co. fully supports all bond payment obligations when the bonds are in the weekly and monthly interest rate reset modes. Therefore, our

...Remarketing date June 6, 2013. Maturity date Jan. 1, 2029. Structure type Full support, direct-pay letter of credit (LOC). Obligor Chicago Horticultural Society. LOC provider The Northern Trust Co. (rating dependency*). Trustee The Bank of New York Mellon Trust Co. N.A. Remarketing agent William Blair & Co. *Standard & Poor's Ratings Services' rating on the series 1999 bonds is linked to its rating on the LOC provider....

Transaction Update Report