This report does not constitute a rating action. S&P Global Ratings'long-term rating on Illinois Finance Authority's series 2023A revenue bonds, issued for DePaul College Prep (DCP), is'BB+'. The outlook is stable. As of June 30, 2025, the school had $74.8 million in total debt outstanding, consisting of $74.3 million in 2023A revenue bonds and a $475,000 unsecured promissory note payable to the Congregation of the Resurrection. The series 2023A bonds are ultimately secured by a gross revenue pledge of the school, which we consider a general obligation of DCP. Bond covenants include a debt service coverage covenant requiring 1.1x annual debt service coverage, and a liquidity covenant requiring maintenance of at least 60 days'cash on hand
