...NEW YORK (Standard & Poor's) Aug. 22, 2011--Standard & Poor's Ratings Services today corrected its rating on Illinois Development Finance Authority's $13 million variable-rate demand revenue bonds series 2001 (for the Village of Oak Park Residence Corp. project) due July 1, 2041, by reinstating the rating to 'A+/A-1'. Our rating on the series 2001 bonds reflects the credit and liquidity support that Bank of America N.A. provides in the form of an irrevocable direct-pay letter of credit (LOC). The long-term component of our rating is based on our long-term issuer credit rating on Bank of America N.A. ('A+') and addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term component of our rating is based on our short-term issuer credit rating on Bank of America N.A. ('A-1') and addresses full and timely payments of interest and principal when the bondholders have exercised the put option. On July 21, 2011, we withdrew...
