NEW YORK (Standard&Poor's) Sept. 8, 2011--Standard&Poor's Ratings Services today clarified its rationale behind its 'A/A-1' rating on Illinois Finance Authority's $20 million variable-rate demand revenue bonds series 2005B (for the Landing at Plymouth Place project) due May 15, 2037. The rating reflects our opinion of the credit and liquidity support that Sovereign Bank provides for the bonds in the form of an irrevocable direct-pay letter of credit (LOC). The long-term component of our rating is based on our long-term issuer credit rating on Sovereign Bank ('A') and addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term component of our rating is based on our short-term
