Moody's rates Ill. housing bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 and an underlying rating of A1 to the Illinois Housing Development Authority's housing bonds, $14.17 million of 2008 series A (variable-rate - AMT) (Larkin Village); $37.885 million of 2008 series B (variable-rate - non-AMT) (Lakeshore Plaza); and $5.57 million of 2008 series C (variable-rate AMT) (Florida House).

The outlook on the underlying rating is positive.

Moody's also said it affirmed the A1 rating on all of the outstanding parity housing bonds under the housing bond program.

Sale of the bonds is expected on April 29.

All three series are expected to be secured by direct-pay letters of credit from JPMorgan Chase Bank, NA, which is rated Aaa/P-1.

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