Moody’s Investors Service upgraded to Aa1 from Aa3 and affirmed the short-term VMIG 1 ratings of the Illinois State Toll Highway Authority’s variable-rate senior priority revenue bonds, Series 2007 A-1 and A-2.
Series A-2b was upgraded to Aa1 and is on watch for possible downgrade.
The Series A-1 bonds Friday were split into subseries A-1a and A-1b, and the Series A-2 bonds were split into subseries A-2a, A-2b, A-2c and A-2d.
In addition, substitute letters of credit, which are replacing a liquidity facility, became effective for each subseries. The bonds were previously supported by a liquidity facility provided by Dexia Credit Local.
