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Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by BMO Harris Bank, National Association

15 May 2015

Actions based on assignment of counterparty risk assessments

New York, May 15, 2015 -- Moody's Investors Service has upgraded the long term ratings of the debts listed below to A1 from A2. Each of these debts is supported by a letter of credit provided by BMO Harris Bank, National Association (the Bank). The ratings are based on the structure and legal protections of each transaction, which provide for timely payment of amounts due bondholders, and on Moody's long-term counterparty risk assessment of the Bank, currently A1(cr). Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews.

RATINGS RATIONALE

Moody's is not taking any action on the short-term ratings of debts listed below. Moody's short-term counterparty risk assessment of the Bank, currently P-1(cr), has replaced the senior unsecured rating of the Bank as an input to the short-term ratings of the debts listed below.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term ratings of the debts listed below would be revised up or down as a result of any change in Moody's long-term counterparty risk assessment of the Bank.

CUSIP; Issuer

97710NMA1; Wisconsin Health & Educational Fac. Auth.

451908PT8; Illinois Development Finance Authority

451908PU5; Illinois Development Finance Authority

451908PV3; Illinois Development Finance Authority

451908PW1; Illinois Development Finance Authority

451908PR2; Illinois Development Finance Authority

45188RHA0; Illinois Development Finance Authority

166398CV7; Chesterfield County Industrial Dev. Auth., VA

504017AX2; LaPorte (City of) IN

494434AA1; Kimberly (Village of) WI

45201SAA8; Illinois Educational Facilities Authority

45202BAM8; Illinois Housing Development Authority

4520014C1; Illinois Educational Facilities Authority

167570MY3; Chicago (City of) IL

051672AB9; Aurora (City of) IL

462460RF5; Iowa Higher Education Loan Authority

45188R7N3; Illinois Development Finance Authority

45188R7S2; Illinois Development Finance Authority

4520017G9; Illinois Educational Facilities Authority

60241MAH7; Milwaukee City Redevelopment Authority, WI

167570ND8; Chicago (City of) IL

462460SL1; Iowa Higher Education Loan Authority

051648BC6; Aurora, Kane, DuPage, Kendall & Will Cos., IL

45200BHQ4; Illinois Finance Authority

97710VXK9; Wisconsin Health & Educational Fac. Auth.

499588AL5; Knox (City of) IN

499588AM3; Knox (City of) IN

558454GZ1; Madison Community Development Auth., WI

97671RAA2; Wisconsin Housing Preservation Corp.

31809DAA7; Fiore Capital, LLC

74731RAB7; Quad Cities Regional Econ. Devel. Auth., IL

594330AA0; Michigan City, IN

432274AA6; Hillsborough Community College Foundation, FL

45200BW79; Illinois Finance Authority

966206AC8; Whitewater Community Development Auth., WI

80330HES0; Sarasota (County of) FL

55759TAB9; Madison Hotel Investors I, LLC

38144TAA1; Goldleaf Mortgage LLC, WI

05549FAA1; BJ Financing, LLC

60242EJE2; Milwaukee City Redevelopment Authority, WI

485107CK0; Kansas City Tax Increment Fin Commission, MO

31809DAB5; Fiore Capital, LLC

31948WAA7; First Christian Church of Florissant, MO

19645RGG0; Colorado Educational & Cultural Facs. Auth.

693151AA0; PA SPE LLC

97710VH35; Wisconsin Health & Educational Fac. Auth.

68751RAA6; Orthopaedic Hospital of Wisconsin, LLC

34073XCL0; Florida Gulf Coast University Financing Corp.

845524DA2; Southwestern Illinois Development Authority

45202DBJ0; Illinois Finance Authority

04780NGD3; Atlanta Development Authority, GA

60242EHQ7; Milwaukee City Redevelopment Authority, WI

60242EHR5; Milwaukee City Redevelopment Authority, WI

60242EHS3; Milwaukee City Redevelopment Authority, WI

60242EHT1; Milwaukee City Redevelopment Authority, WI

60242EHU8; Milwaukee City Redevelopment Authority, WI

60242EHV6; Milwaukee City Redevelopment Authority, WI

60242EHW4; Milwaukee City Redevelopment Authority, WI

60242EHX2; Milwaukee City Redevelopment Authority, WI

60242EJA0; Milwaukee City Redevelopment Authority, WI

366741AB2; Gary Chicago International Airport Auth., IN

68751RAC2; Orthopaedic Hospital of Wisconsin, LLC

DEBTS RATED BASED ON JOINT SUPPORT FROM BMO HARRIS BANK, NATIONAL ASOCIATION AND UNDERLYING OBLIGOR

Moody's has upgraded the long-term letter of credit supported ratings of the debts listed below. Each of these debts is jointly supported by a letter of credit provided by BMO Harris Bank, National Association (the Bank) and the underlying obligor. The letter of credit supported ratings are based on the structure and legal protections of each transaction, which provide for timely payment of amounts due bondholders, Moody's long-term counterparty risk assessment of the Bank, currently A1(cr), Moody's rating of the underlying obligor and on Moody's assessment of the joint probability of default by both the Bank and the underlying obligor. These ratings were placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews.

Moody's is not taking any action on the short-term ratings of these debts. Moody's short-term counterparty risk assessment of the Bank, currently P-1(cr), has replaced the senior unsecured rating of the Bank as an input to the short-term ratings of these debts.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

The long-term letter of credit supported ratings of these debts could be revised up or down as a result of a change in Moody's long-term counterparty risk assessment of the Bank, Moody's long-term rating of the underlying obligor or Moody's assessment of the probability of default by both the Bank and the underlying obligor.

Moodys has upgraded the long term ratings of the debts listed below to Aa2 from Aa3.

CUSIP; Issuer

4520014E7; Illinois Educational Facilities Authority

60416HHS6; Minnesota Higher Education Facilities Auth.

45203HYE6; Illinois Finance Authority

Moodys has upgraded the long term letter of credit supported rating of the debts listed below to Aa3 from A1.

CUSIP; Issuer

45200FHB8; Illinois Finance Authority

PRINCIPAL METHODOLOGY USED

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 March 2015. Please see the Credit Policy 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Thomas Jacobs
Senior Vice President
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's upgrades long-term ratings of municipal VRDBs supported by BMO Harris Bank, National Association
No Related Data.
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