The 'AA-/A-1+' rating on Philadelphia Industrial Development Authority, Pa.'s variable-rate demand revenue bonds, pooled loan program, series A, is based on an irrevocable, direct-pay LOC provided by Citizen's Bank of Pennsylvania (AA-/A-1+). The LOC provides for payment of principal and interest on the bonds, including payment of unremarketed tendered bonds for 35 days of interest coverage, at the maximum rate of 10% annually. The stated expiration date of the LOC is July 30, 2012. The bonds will only be issued in the weekly rate period, and that period will be enhanced by the LOC. The bonds are subject to optional tender on any business day with at least seven calendar days' notice. The bonds are subject to mandatory tender five
