Fitch Upgrades Rtg to 'AA-/F1+' on DuPage County (IL) Morton Arboretum VRDBs, Ser 2003
KEY RATING DRIVERS
The ratings are based on the support provided by the substitute LOC issued by The Northern Trust Company, which has an initial stated expiration date of Aug. 20, 2021, unless such date is extended or earlier terminated, while the bonds are in the weekly interest rate mode only.
Pursuant to the substitute LOC, the bank is obligated to make regularly scheduled payments of principal of and interest on the bonds in addition to payments due upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The Northern Trust Company LOC provides full and sufficient coverage of principal plus an amount equal to 35 days of interest at a maximum rate of 12% based on a year of 365 days and purchase price for tendered bonds, while in the weekly rate mode. The Remarketing Agent for the bonds is Northern Trust Securities, Inc.
The rating is exclusively tied to the short- and long-term rating that Fitch maintains on the bank providing the substitute LOC and will reflect all changes to that rating.