OREANDA-NEWS. S&P Global Ratings today affirmed its 'A/A-1' rating on the City of Knox, Indiana's $11.3 million taxable economic development revenue bonds series 2014 (for the Toll IN LLC project) due Feb. 1, 2046. The rating also remains on CreditWatch with positive implications, where we placed it on Dec. 3, 2015.

The rating action follows our review of documents related to an upcoming substitution of the letter of credit (LOC) currently being provided by Bank of America N. A. (A/Watch Pos/A-1) with a new LOC from SunTrust Bank ('A-/A-2'). The long - and short-term components of our rating currently reflect our long - and short-term issuer credit rating on Bank of America N. A.

As of the substitution date, which is currently scheduled for Sept. 21, 2016, the long - and short-term components of our rating will reflect our long - and short-term issuer credit ratings on the replacement LOC provider.