New York, April 01, 2016 -- Moody's Investors Service has downgraded the long-term rating to A1 from Aa2 and affirmed the short-term VMIG 1 rating of the letter of credit (LOC)-backed Illinois Finance Authority Adjustable Rate Demand Revenue Bonds, Chicago Symphony Orchestra, Series 2008 (the Bonds) in connection with the substitution of the existing LOC supporting the Bonds provided by U.S. Bank, N.A. with an LOC provided by PNC Bank, National Association (the Bank) effective April 1, 2016.
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