...NEW YORK (Standard & Poor's) Aug. 11, 2010--Standard & Poor's Ratings Services today assigned its 'A+/A-1' rating to the remarketed Illinois Development Finance Authority's variable-rate demand industrial development revenue bonds series 1999 (for the Elite Manufacturing Technologies Inc. project) due June 1, 2024. The long- and short-term components of our rating on the series 1999 bonds are based on the long- and short-term issuer credit ratings on Bank of America N.A. ('A+/A-1') and address the full and timely payment of the bonds' regularly scheduled interest, principal, and purchase price upon an optional or mandatory tender, according to the transaction's terms. Bank of America provides credit and liquidity support for the bonds in the form of a letter of credit (LOC). Today's rating action follows our review of a LOC amendment, which extends the LOC expiration date to June 15, 2011, from June 15, 2010. The LOC amendment went into effect June 3, 2010. Merrill Lynch, Pierce, Fenner...
