The ratings assigned to Illinois Finance Authority's variable-rate demand notes (Jewish charities revenue anticipation note program) series 2008-2009B are based on the irrevocable, direct-pay letter of credit (LOC) that Harris N.A. provides. The rating applies to the bonds when they're in the weekly interest rate mode (see Structural Overview). The ratings reflect the likelihood of repayment of principal and interest to maturity based primarily on the credit support that Harris N.A. provides, and the likelihood of repayment based on the liquidity support that the LOC provides for optional and mandatory tenders. The LOC provides coverage for all principal and interest for 58 days at a 12% maximum annual rate based on a 365-day year. In a direct-pay structure, the LOC
