...NEW YORK (Standard & Poor's) Nov. 3, 2008--Standard & Poor's Ratings Services today lowered its rating on Illinois Development Finance Authority's $9 million variable-rate demand revenue bonds (Wheaton Academy project) series 1998 to 'A+/A-1' from '##/A-1+' and removed the rating from CreditWatch negative, where it was placed Sept. 18, 2008. The rating action reflects the substitution of an irrevocable letter of credit (LOC) provided by LaSalle Bank (##/Watch Neg/A-1+) with a substitute LOC provided by Harris N.A. ('A+/A-1'). The substitute LOC provides for the payment of principal and interest on the bonds, which bear interest in the weekly rate mode. It also provides for a maximum of 35 days' interest at 12% annually and will expire Nov. 2, 2013. Unless the LOC is extended according to its terms or an alternate LOC is provided, we will withdraw our rating on the bonds on Nov. 2, 2013....
