NEW YORK (Standard&Poor's) Oct. 1, 2008--Standard&Poor's Ratings Services today raised its rating on Illinois Finance Authority's $18 million variable/fixed-rate demand solid waste revenue bonds (Republic Services Inc. project) series 2004 due May 1, 2029, and removed the rating from CreditWatch negative, where it was placed June 16, 2008 (see list). The rating action reflects the addition of an irrevocable letter of credit (LOC) provided by JPMorgan Chase Bank N.A. (AA/Negative/A-1+). The rating is based on our assessment of the likelihood of repayment of principal, interest, and purchase price based on Standard&Poor's application of its joint and several criteria assuming low correlation between JPMorgan Chase Bank and Republic Services Inc. The LOC, effective Oct. 1,
