...S&P Global Ratings revised its outlook to stable from negative and affirmed its '###' 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. The outlook revision is based on our view of a more stable operating environment for the district compared with expectations outlined in our last review. This is underpinned by improved state budgetary conditions resulting in steady and timely state funding to the district in fiscal years 2020 and 2021, with an expected 3% funding increase expected for fiscal 2022 (state appropriations accounted for approximately 16% of total general fund revenues for the district). Our outlook revision is supported by an improvement in district financial performance and balance sheet ratios in fiscal 2020 and expectations for stable finances in fiscal years 2021 and 2022. As of June 30, 2020, the district's total debt equals approximately $301.2 million,...
