NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA+ and Stable Outlook to the State of Illinois’s Build Illinois Bonds (Sales Tax Revenue Bonds) Junior Obligation Tax-Exempt Series A of October 2018, Junior Obligation Tax-Exempt Series B of October 2018, and Junior Obligation Taxable Series C of October 2018. KBRA long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
The rating actions are based on KBRA’s U.S. Special Tax Revenue Bond Rating Methodology and the following five key rating determinants identified therein:
- Legal Framework
- Nature of Special Tax Revenues
- Economic Base and Demographics
- Revenue Analysis
- Coverage and Bond Structure
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About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
