CHICAGO (Standard&Poor's) April 1, 2016--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) to 'BBB+' from 'A-' on the Illinois Educational Facility Authority's series 2005 adjustable-rate demand revenue bonds issued for Illinois College (IC). The outlook is stable. Standard&Poor's also affirmed its 'AAA/A-1+' rating on the authority's series 2005 bonds issued for IC, based on our application of joint criteria. The 'AAA' long-term rating is jointly based on the ratings on IC and on the letter of credit (LOC) provider, U.S. Bank N.A., assuming low correlation. The 'A-1+' short-term rating is based on the short-term rating on U.S. Bank. "Based on our revised criteria, we have assessed the college's enterprise profile as vulnerable, with recent
