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Rating Action:

Moody's affirms A2/VMIG 1 of LOC-backed Lyric Opera of Chicago Series 1994

01 Mar 2018

New York, March 01, 2018 -- Moody's Investors Service has affirmed the A2/VMIG 1 letter of credit backed rating of Illinois Development Finance Authority Variable/Fixed Rate Demand Revenue Bonds Series 1994 (Lyric Opera of Chicago Project) (the Bonds). The affirmation is provided in connection with the issuance of an alternate letter of credit (LOC) to be provided, severally, not jointly, by BMO Harris Bank, N.A. (63.48%) and Northern Trust Company (36.52%) (collectively, the Banks).

RATINGS RATIONALE

Upon the effective date of the substitution, currently scheduled for March 13, 2018, the ratings will be based upon (i) the direct-pay LOC provided by the Banks, (ii) the structure and legal protections of the transaction which provide for timely payment of debt service and purchase price to bondholders, and (iii) Moody's evaluation of the credit quality of the Banks. Moody's current long-term and short-term Counterparty Risk Assessments (CR Assessments) of the BMO Harris Bank, N.A are A2(cr) and P-1(cr), respectively. Moody's current long-term and short-term CR Assessments of the Northern Trust Company are Aa3(cr) and P-1(cr), respectively. The ratings on the Bonds are based on the lower of the two Banks' CR Assessments.

FACTORS THAT COULD LEAD TO AN UPGRADE

• Moody's upgrades the long-term CR Assessment of the lower rated Bank.

• Upgrade of the short-term rating is not applicable.

FACTORS THAT COULD LEAD TO A DOWNGRADE

• Moody's downgrades the long-term CR Assessment of either Bank.

• Moody's downgrades the short-term CR Assessment of either Bank.

The LOC is sized to cover $62,200,000 of principal plus forty-seven (47) days of interest at 10%, the maximum rate applicable to the Bonds, and provides sufficient coverage for the Bonds while such bonds are in the daily or floating interest rate mode. The trustee is instructed to draw on the LOC by 12:00 p.m., NYC Time, on the business day prior to each interest payment date, maturity date, redemption date or acceleration date in order to receive timely payments from the Banks by 12:00 p.m., NYC Time, on such payment date. The trustee is also instructed to draw on the LOC for purchase price by 12:00 p.m., NYC Time, to the extent remarketing proceeds are insufficient, in order to receive funds by 4:00 p.m., NYC Time, on such purchase date.

Upon mandatory tender, redemption or acceleration the Bonds are subject to payment funded with a draw on the LOC. Prior to the termination or expiration of the LOC the Bonds are subject to mandatory tender, redemption or acceleration as follows.

» Expiration of the LOC: mandatory redemption on the last interest payment date prior to the stated expiration date the LOC; current stated expiration date is March 13, 2023.

» Substitution of the LOC: prior to the substitution, the trustee shall obtain written evidence from Moody's that delivery of an alternate credit facility will not cause a withdrawal or a downgrade of the current rating on the Bonds; the LOC terminates following the Bank's receipt of the trustee's certification that a substitute LOC has been issued and the current letter of credit shall be terminated.

» Interest rate mode conversion: mandatory tender on each interest rate mode conversion date; the LOC terminates on the earlier of (i) fifteen (15) days following conversion of all Bonds to a fixed rate mode, or (ii) the honoring of a drawing for such conversion by the Bank.

» Event of default under the reimbursement agreement: following an event of default under the reimbursement agreement the Bank may deliver a written notice to the Trustee directing an acceleration of the Bonds. The trustee will draw on the LOC within three (3) days following receipt of such notice; the LOC terminates on the fifteenth (15th) day following trustee's receipt of notice of an event of default under the reimbursement agreement.

Conforming draws for principal and/or interest, received by the Banks by 11:00 a.m., Chicago Time, on a business day will be honored by 11:00 a.m., Chicago Time, on the next business day. Conforming draws for the payment of purchase price received by the Banks by 11:00 a.m., Eastern Time, on a business day, will be honored by 3:00 p.m., Chicago Time, on the same day. Draws made under the LOC for interest shall be automatically reinstated by the Banks on the tenth (10th) calendar day following the Banks' honoring of such interest drawing unless on or before the ninth (9th) calendar day the trustee receives notice that the Banks have not been reimbursed in full for such drawing or an event of default has occurred under the reimbursement agreement and as a consequence the LOC will not be reinstated. Upon receipt of such notice, the trustee is instructed to cause an acceleration of the Bonds and draw on the LOC within three (3) days following receipt of such notice.

Bondholders may optionally tender Bonds in the floating rate mode on any business day with seven (7) days prior notice to the remarketing agent (the remarketing agent shall notify the Trustee upon receipt of such tender notice). Bondholders may optionally tender Bonds in the daily rate mode on any business day by providing notice by 9:00 a.m., NYC Time, to the remarketing agent (the remarketing agent shall notify the Trustee upon receipt of such tender notice). Bondholders tendering Bonds will receive purchase price equal to the par amount of the Bonds tendered plus accrued interest to the tender date.

The Bonds will remain in the floating rate mode with interest payable on the first business day of each month. The rate on the Bonds may be converted, in whole or in part, to the daily, adjustable, or fixed rate mode. Moody's ratings apply to Bonds in the floating and daily rate modes only.

The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jacek Stolarz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Michael J. Loughlin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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