Transaction Update: Illinois Development Finance Authority – Series 2003

On March 15, 2012, Standard&Poor's Ratings Services raised its rating on Illinois Development Finance Authority's (the issuer's) variable-rate demand revenue bonds series 2003 (for the Sexton Energy LLC project) due Oct. 1 2023, to 'A-/A-2' from 'BBB+/NR' following the replacement of the letter of credit (LOC) provided by Associated Bank N.A. ('BBB+/NR') with a new LOC from FirstMerit Bank N.A. ('A-/A-2'). The 'A-/A-2' rating reflects our opinion of the credit and liquidity support that FirstMerit Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, FirstMerit Bank N.A. fully supports all bond payment obligations when the bonds are in the variable interest rate mode. Therefore, our rating applies only during this rate mode. If

...Remarketing date March 15, 2012. Maturity date Oct. 1, 2023. Structure type Direct-pay letter of credit (LOC). Obligor Sexton Energy LLC. LOC provider FirstMerit Bank N.A. (rating dependency*). Trustee The Bank of New York Mellon Trust Co. N.A. Remarketing agent Robert W. Baird & Co. *Standard & Poor's Ratings Services' rating on the series 2003 bonds is linked to its rating on the LOC provider....

Transaction Update Report