Standard&Poor's Ratings Services has assigned its 'A/A-1' rating to Illinois Finance Authority's adjustable-rate demand revenue bonds series 2012, issued for Illinois Wesleyan University. The 'A' long-term component of the rating is based on the irrevocable direct-pay letter of credit (LOC) provided by PNC Bank, N.A. and addresses the likelihood that bondholders will receive interest and principal payments when due if they do not exercise the put option. The 'A-1' short-term component of the rating is based upon the short-term issuer credit rating on the bank and addresses the likelihood that bondholders will receive interest and principal payments if they exercise the put option. The LOC fully supports all bond payment obligations when the bonds are in the daily
