Fitch Confirms Illinois State Toll Highway Authority's $700MM Bonds 2007 Series A 'AA-/F1+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings confirms the 'AA-/F1+' rating assigned to the $700,000,000 Illinois State Toll Highway Authority, toll highway variable-rate senior priority revenue bonds, 2007 series A, consisting of --$350,000,000 2007 series A-1; --$350,000,000 2007 series A-2. The confirmation of the ratings is in connection with the cancellation of the municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by XL Capital Assurance Inc. by the Illinois State Toll Highway Authority and the delivery of a substitute standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ) which replaces the original SBPA provided when the bonds were issued. The long-term 'AA-' rating is based on the credit quality of the Illinois State Toll Highway Authority. The short-term rating continues to be based on Dexia Credit Local, acting through its New York Branch (Dexia). Dexia provided the original SBPA and is also providing the substitute SBPA. The cancellation of the municipal bond insurance policy necessitated changes to the terms of the original SBPA and the delivery of the substitute. The substitute SBPA will expire on the scheduled termination date of March 20, 2011, unless such date is extended, or upon the occurrence of certain events of termination as specified in the SBPA. The short-term rating will expire upon any expiration or termination of the SBPA. The remarketing agent for the 2007 series A-1 bonds is UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and the remarketing agent for the 2007 series A-2 bonds is Banc of America Securities LLC. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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