...On July 16, 2014, Standard & Poor's Ratings Services raised its rating on Indianapolis, Ind.'s ($14.1 million variable-rate demand limited obligation multifamily housing revenue bonds series 2004A (for the Nora Commons project) due Dec. 1, 2039, to '##-/A-1+' from 'A/A-1' 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 U.S. Bank N.A. ('##-/A-1+'). The '##-/A-1+' rating reflects our opinion of the credit and liquidity support that U.S. Bank N.A. provides in the form of an irrevocable direct-pay LOC during the weekly interest rate mode (the rated mode). The LOC covers the entire principal balance and 45 days of interest accruals at a maximum bond rate of 10%. During the rated mode, we believe that the coverage amount is sufficient to pay bond principal and maximum accrued interest, taking into account the three-day interest reinstatement period and any additional time that may elapse before...
