...NEW YORK (Standard & Poor's) Aug. 1, 2014--Standard & Poor's Ratings Services today raised its rating on Illinois Development Finance Authority's $2.95 million variable-rate demand industrial development revenue bonds series 2003 (for the Durex Industries project) due Dec. 1, 2023 following the replacement of the irrevocable direct-pay letter of credit (LOC) that Citizens Bank N.A. ('A-/A-2') had provided with a new LOC from U.S. Bank N.A. ('##-/A-1+'). The rating reflects our opinion of the credit and liquidity support that U.S. Bank ('##-A-1+') provides in the form of an irrevocable direct-pay LOC. Under the LOC, U.S. Bank fully supports all bond payment obligations when the bonds are in the weekly interest rate mode (the rated mode). Therefore, our rating applies only during this rate mode. If the bonds are converted to another rate mode, we will likely withdraw our rating. The '##-' long-term component of our rating is based on our long-term issuer credit rating on U.S. Bank and addresses...
