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 2006 (for the Village of Oak Park Residence Corp. project) due Sept. 1 2046, 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 mode. Therefore, our rating applies only during this rate mode. If
