S&P Global Ratings raised its long-term and underlying ratings to 'BBB+' from 'BBB' on Cook County Community College District No. 508 (City Colleges or the district), Ill.'s existing general obligation (GO) debt. At the same time, we assigned our 'BBB+' long-term rating to the district's $201.24 million series 2023 unlimited-tax GO refunding bonds. The outlook is stable. The raised rating reflects the district's improved enrollment trends, with a sizable enrollment base and sound demand, and strengthened financial performance and growing reserves, which we expect will be maintained in the outlook period. As of June 30, 2022, the district had $304 million in long-term debt and leases, consisting of about $8.3 million in facilities leases and approximately $296 million in series
