On Dec. 15, 2011, Standard&Poor's Ratings Services raised its rating on City of Jeffersonville, Ind.'s (the issuer's) variable-rate demand economic development revenue bonds series 2007 (for the Eagle Steel Products Inc. project) due Dec. 1, 2027, to 'A/A-1' from 'BBB+/A-2' following the replacement of the letter of credit (LOC) that Fifth Third Bank ('BBB+/A-2') had provided with a new LOC from Bank of America N.A. ('A/A-1'). The 'A/A-1' rating reflects our opinion of the credit and liquidity support that Bank of America N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, Bank of America N.A. fully supports all bond payment obligations when the bonds are in the weekly, one-month, and three-month interest rate modes.
