Cook County Community College Dist. 508 (City Colleges of Chicago), IL 'BBB' Rating Off Watch After State Budget Adopted

CHICAGO (S&P Global Ratings) Aug. 4, 2017--S&P Global Ratings affirmed its 'BBB' rating on Cook County Community College District (CCD) No. 508 (City Colleges of Chicago), Ill.'s outstanding unlimited-tax general obligation (GO) bonds and removed the rating from CreditWatch Negative. We placed the ratings on CreditWatch on April 20, 2017, due the ongoing state budget impasse and its effect on the district's finances, namely its negative fund balance and pressured liquidity, the receipt of the district's cash flow projections, and whether its plan to address liquidity pressures in the immediate term is sufficient. The outlook is stable. "We removed the rating from CreditWatch after the implementation of a state fiscal 2018 budget, which included revenue for community college districts at

...CHICAGO (S&P Global Ratings) Aug. 4, 2017--S&P Global Ratings affirmed its '###' rating on Cook County Community College District (CCD) No. 508 (City Colleges of Chicago), Ill.'s outstanding unlimited-tax general obligation (GO) bonds and removed the rating from CreditWatch Negative. We placed the ratings on CreditWatch on April 20, 2017, due the ongoing state budget impasse and its effect on the district's finances, namely its negative fund balance and pressured liquidity, the receipt of the district's cash flow projections, and whether its plan to address liquidity pressures in the immediate term is sufficient. The outlook is stable. "We removed the rating from CreditWatch after the implementation of a state fiscal 2018 budget, which included revenue for community college districts at 90% of 2015 levels and receipt of the district's cash flow projections," said S&P Global Ratings credit analyst Blake Yocom. The outstanding series 2013 bonds are secured by the district's unlimited ad valorem...

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