On June 28, 2012, Standard&Poor's Ratings Services affirmed its 'A/A-1' rating on Illinois Finance Authority's ( the issuer's) variable-rate community facility revenue bonds series 2007 (for the Uniform Law Foundation project) due July 1, 2037, following the replacement of the irrevocable direct-pay 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'). Except for the LOC expiration date, the material terms in the new LOC do not differ from the material terms in the LOC that Bank of America had provided. 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
