The rating assigned to Illinois Finance Authority's variable-rate demand revenue bonds series 2005B (the Landing at Plymouth Place issue) is based on the credit and liquidity support that Banco Santander S.A. ('AA/A-1+') provides in the form of a confirming letter of credit (LOC). The confirming LOC provides for the full and timely payment of interest and principal according to the transaction's terms in the event that Sovereign Bank ('A/A-1'), the fronting LOC provider, fails to pay or the fronting LOC is repudiated. The rating only applies to the bonds when they are in the weekly interest rate mode (see the Structural Overview section for more information). The 'AA' long-term component of our rating on the bonds is based on the
