Lake County C.U.S.D. 187 (North Chicago), IL -- Moody's downgrades North Chicago School District 187, IL's GO to Baa2 from A3; Outlook negative

Baa2 rating and negative outlook apply to $50.4M of outstanding GO debtNew York, October 14, 2013 -- Moody's Investors Service has downgraded to Baa2 from A3 the rating on North Chicago Community Unit School District 187, IL's outstanding general obligation debt. The outstanding rated bonds are secured by the district's general obligation unlimited tax (GOULT) pledge or general obligation limited tax pledge (GOLT). Outstanding GOULT bonds were issued in 2010 as Alternative Revenue Source bonds with debt service expected to be repaid by Federal Impact Aid revenues received by the district, though the ultimate security on the bonds is a dedicated levy of the district which is unlimited as to rate or amount. Outstanding GOLT bonds are secured by the district's GOLT pledge subject to the amount of the district's Debt Service Extension Base (DSEB). Concurrently, Moody's has assigned a negative outlook. The Baa2 and negative outlook apply to $50.4 million in outstanding GOULT and GOLT parity debt.

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