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Default Excel formula help

I'm trying to update assessment excel sheet of my college. I tried the
following formula for grades in 2007 excel and it worked fine. but the same
formula returns an error in 2003 excel. does anyone have a solution to this?
Formula: =IF(L11=90,"A",IF(L11=85,"A-",IF(L11=80,"B+",IF(L11=76,"B",IF
(L11=73,"B-",IF(L11=70,"C+",IF(L11=67,"C",IF(L11=60,"C-",IF(L11=55,"D",
IF(L11<=54,"F",""))))))))))

 
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