The rating of Naperville, Ill.s' variable-rate demand revenue bonds, issued on behalf of the Heritage YMCA Group Inc., is based upon a direct-pay letter of credit (LOC) provided by Harris Trust Savings Bank. The bond proceeds will be used to expand its existing facilities and refinance currently existing debt. Initially, the bonds will operate in the weekly rate mode and can be converted to bear interest in the daily mode, fixed mode, and adjustable mode. Upon conversion to the fixed rate, the LOC will terminate and Standard&Poor' will subsequently withdraw the rating. The bonds are subject to optional tender in the daily and weekly rates; and all bonds are subject to mandatory tender upon each conversion date, on
