Article: Fitch Affirms Friendship Village of Schaumburg's Illinois Revs at 'BB-'; Outlook to Evolving.

Fitch Ratings has affirmed the 'BB-' rating on the $80.5 million Illinois Finance Authority, Illinois revenue bonds, series 2005A&B (Friendship Village of Schaumburg). Fitch has revised the Rating Outlook to Evolving from Stable.

The Outlook revision to Evolving reflects Friendship Village of Schaumburg's (FVS) intention to refinance the $30 million series 2005C bonds variable-rate demand bonds (VRDBs) on an unenhanced basis. Bank of America, N.A., has stated its intention not to renew its letter of credit on the series 2005C bonds, which expires on Sept. 30, 2010. Thus, a refinancing is subject to market conditions and investor acceptance. An inability to ...

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