The 'AA-/A-1+' rating on Philadelphia Authority for Industrial Development, Pa.'s revenue bonds (Fox Chase Cancer Center Obligated Group) series 2007A is based on an irrevocable LOC provided by Citizens Bank of Pennsylvania (AA-/A-1+). The LOC provides coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOC provides for a maximum of 45 days of interest coverage at 12% annually. The stated expiration date of the LOC is Sept. 27, 2012. Upon the expiration date, the rating will be withdrawn unless the LOC is extended pursuant to its terms, or unless an alternate LOC is delivered. Initially, the bonds shall bear interest at the daily rate. The initial LOC will cover
