...NEW YORK (Standard & Poor's) March 15, 2012--Standard & Poor's Ratings Services today raised its rating on Illinois Development Finance Authority's $7.5 million variable-rate demand revenue bonds series 2003 (for the Sexton Energy LLC project) due Oct. 1, 2023, to 'A-/A-2' from '###+/##' following the replacement of the irrevocable direct-pay letter of credit (LOC) provided by Associated Bank N.A. ('###+/##') with a new LOC from FirstMerit Bank N.A. ('A-/A-2'). The 'A-/A-2' rating reflects our opinion of the credit and liquidity support that FirstMerit Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, FirstMerit Bank N.A. fully supports all bond payment obligations when the bonds are in the variable interest rate 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 'A-' long-term component of our rating is based on our long-term issuer credit rating on FirstMerit...
