Moody's rates Chicago Symphony bonds underlying A3

Moody's Investors Service said it assigned an A3 underlying rating to Chicago Symphony Orchestra's $83.19 million adjustable-rate demand revenue bonds, series 2008, issued through the Illinois Finance Authority. The outlook is positive.

Sale of the bonds is expected on May 28.

Moody's said it expects to publish a separate report shortly to assign both short-term and long-term ratings to the bonds based on a direct-pay letter of credit with RBS Citizens, NA (bank financial strength and long-term deposit and debt rating of Aa2 on watch for possible downgrade).

The proceeds will be used to refinance a promissory note with the Northern Trust Co. dated March 19 in the principal amount of $81.5 million, which was used to refinance the symphony's auction-rate revenue refunding bonds, series 2002, to pay costs of issuance and to pay costs associated with the conversion of the interest rate mode on series 2002 bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.