NEW YORK (S&P Global Ratings) May 29, 2020--S&P Global Ratings revised its outlook to negative from stable and affirmed its 'BBB' rating on Cook County Community College District (CCD) No. 508 (City Colleges of Chicago, City Colleges, or the district), Ill.'s outstanding general obligation (GO) bonds. "Our outlook revision on City Colleges is based on its relatively high--versus Illinois community college peers--dependence on what we consider unreliable state support for operations and benefits and general enrollment uncertainty stemming from COVID-19," said S&P Global Ratings analyst Shivani Singh. (In fiscal 2019, state appropriations, including other state grants and contracts, constituted 42% of total operating and non-operating revenues.) "In our view, the district's fairly thin unrestricted reserves provides limited cushion against potential
