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Rating Action: Moody's affirms Aa2 on Cook County IL's LOC-backed rev. bonds Ser. 2004D
$130M debt affected. Long-term rating based on joint support from Barclays Bank PLC as LOC provider and Cook County, IL.

Wednesday, June 17, 2015
Moody's Investor Service

New York, June 17, 2015 -- Moody's Investors Service has affirmed the Aa2 long-term joint support letter of credit backed rating of Cook (County of) IL, Taxable General Obligation Variable Rate Bonds Series 2004D (the Bonds). The short-term VMIG 1 rating assigned to the Bonds remains unchanged.

SUMMARY RATING RATIONALE

Moody's review of the long-term joint default analysis (JDA) rating of the Bonds resulted from Moody's downgrade of Cook County IL's (the County) rating to A2 from A1 on June 5, 2015. For more information on that rating action please see the rating update report published on such date.

The Bonds are supported by an irrevocable direct pay letter of credit provided by Barclays Bank PLC (the Bank). The long-term rating of the Bonds continue to be based on JDA which reflects Moody's approach to rating jointly supported transactions. The JDA rating is based on (a) the long-term Counterparty Risk Assessment (CR Assessment) of the Bank as provider of the letter of credit, (b) the underlying rating of the Bonds, and (c) the structure and legal protections of the transaction which provide for timely debt service payments to investors.

WHAT COULD MAKE THE RATING GO UP

The long-term JDA rating of the Bonds could be upgraded if Moody's were to upgrade the underlying rating of the Bonds or the long-term CR Assessment of the Bank.

WHAT COULD MAKE THE RATING GO DOWN

The long-term JDA rating of the Bonds could be downgraded if Moody's were to downgrade the underlying rating of the Bonds or the long-term CR Assessment of the Bank, or if the level of default dependence, as determined by Moody's, between the Bank and the County were to increase.

PRINCIPAL METHODOLOGY USED

The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com for each credit rating:

Moody's was not paid for services other than determining a credit rating in the most recently ended fiscal year by the person that paid Moody's to determine this credit rating.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653



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