S&P raises Illinois Housing Development Authority rating to 'AA-'

Thu Aug 22, 2013 4:20pm EDT

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Aug 22 (Reuters) - Standard & Poor's Ratings Services on Thursday raised Illinois Housing Development Authority's the issuer credit rating to AA-minus from A-plus citing the authority's financial strength.

S&P revised the outlook on the ICR to stable from positive while the outlook on the outstanding debt remained at stable.

The ratings agency cited the authority's leverage ratios when compared to equally-rated peers, reduction in interest expenses, strong financial management practices and improvement of overall asset quality.

In addition, S&P affirmed its double-A long-term and underlying ratings on the authority's outstanding single-family Homeowner Mortgage Revenue Bonds program and multifamily Housing Bonds program bonds.

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