On April 1, 2011, Standard&Poor's Ratings Services raised its rating on County of Hamilton, Ohio's (the issuer's) $25 million variable-rate demand economic development revenue bonds series 2003 (for the St. Xavier High School project) due April 1, 2028, 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 PNC Bank N.A. ('A+/A-1'). The 'A+/A-1' rating reflects our opinion of the credit and liquidity support that PNC Bank provides in the form of an irrevocable direct-pay LOC. Under the LOC, PNC Bank fully supports all bond payment obligations when the bonds are in the weekly interest-rate mode. Therefore, our rating applies only during this
