On Sept. 1, 2011, Standard&Poor's Ratings Services affirmed its 'A+/A-1' rating on Illinois Finance Authority?s (the issuer's) variable-rate demand revenue bonds series 2001 (for the Village of Oak Park Residence Corp. project) due July 1, 2041, following the replacement of the letter of credit (LOC) that Bank of America N.A ('A+/A-1') 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 N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, PNC Bank N.A. fully supports all bond payment obligations when the bonds are in the weekly interest-rate reset mode. Therefore, our rating applies only during this rate mode.
