The rating assigned to Illinois Finance Authority's (the issuer's) adjustable-rate demand revenue bonds series 2013 (for the Steppenwolf Theatre Co. project) reflects our opinion of the credit and liquidity support that The Northern Trust Co. ('AA-/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, The Northern Trust Co. fully supports all bond payment obligations when the bonds are in the daily and weekly interest rate modes. Therefore, our rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'AA-' long-term component of our rating is based on our long-term issuer credit rating
