CUSIP 599090AM9
- ISIN: US599090AM97
- Entity Name: Village of Milan, Illinois
- Sector: Municipal
- Announcement Date: 12-Apr-2018
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Dec-2020
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Downgrade
- News: The Village of Milan, Rock Island County, Illinois (the Village), pursuant to issuing its General Obligation Bonds (Alternate Revenue Source), Series 2008 (the Bonds), entered into a prior undertaking (the Undertaking) to file notice of certain events with respect to the Bonds as required by Rule 15c2-12 of the Securities Exchange Act of 1934 (the Rule). The list of events for which the Village is required to provide notice includes rating changes on the Bonds. At the time of issuance, the Bonds were insured by Assured Guaranty Corp. (AGC) and AGC was rated AAA by S&P Global Ratings, a business unit of Standard & Poors Financial Services LLC (S&P). Since that time, AGC has experienced multiple rating changes by S&P. S&P currently maintains a rating of AA (Stable Outlook) on AGC. The Village provided notices of such rating changes with respect to the Bonds; however, such notices inadvertently named the incorrect bond insurer for the Bonds. The Village is hereby providing notice concerning the rating changes on the Bonds that resulted from the rating changes on AGC; however, not within the required timeframe pursuant to the Undertaking and the Rule. The Villages failure to comply under the Undertaking does not constitute a default under the bond ordinance for the Bonds. The Village has put procedures in place to ensure timely compliance with all of its continuing disclosure undertakings.
- Description: Municipal Name: Village of Milan, Illinois CUSIP: 599090AM9 Currency: USD Village of Milan, Illinois announced today that the Standard & Poor`s Rating has downgraded the ratings of the Series 2008, General Obligation Bonds from AAA to AA.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US599090AM97
