Will County, Ill.'s student housing revenue bonds (Joliet Junior College project), series 2002A, and taxable series 2002B, have been downgraded from C to D by Fitch Ratings.The downgrade to default status was attributed to a March 2 disclosure filing indicating that the scheduled March 1 interest payment on the bonds was not made. Fitch said the filing reported that First Midwest Bank "did not make the payment in response to a direction by the holders of 69% of the outstanding bonds." The filing indicated that the bondholders are replacing First Midwest as trustee with Manufacturers and Traders Trust Co., Baltimore. Fitch can be found online at http://www.fitchratings.com.
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