The rating assigned to Illinois Finance Authority's variable/fixed-rate demand solid waste revenue bonds (Republic Services Inc. project) series 2004 is based on the joint and several support provided by JPMorgan Chase Bank N.A. as the letter of credit (LOC) provider and Republic Services Inc. as the obligor. The rating applies to the bonds when they're in the weekly or daily interest rate modes (see Structural Overview). The 'AAA' long-term rating reflects our assessment of the likelihood of repayment of principal and interest to maturity. The 'A-1+' short-term rating reflects the likelihood of repayment for optional and mandatory tenders. The 'AAA/A-1+' rating reflects our assessment of the likelihood of repayment of principal, interest, and purchase price based on the joint and
