...April 18, 2024 ENGLEWOOD (S&P Global Ratings) April 18, 2024--S&P Global Ratings lowered its underlying rating to '###' from '###+' on the Illinois Finance Authority's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC). S&P Global Ratings also lowered its rating to 'A+/A-1' from '##-/A-1' on the authority's series 2005 bonds, based on the application of joint criteria, reflecting the change to the underlying rating. The 'A+' long-term rating is jointly based on the ratings on IC and on the letter of credit provider, U.S. Bank N.A., assuming low correlation. The 'A-1' short-term rating reflects the short-term rating on U.S. Bank N.A. The outlook, where applicable, is stable. "The downgrade reflects our view of a pressured operating environment given recent enrollment declines combined with sizable supplemental endowment draws for both strategic investments and operations that are expected to continue through at least fiscal 2026," said S&P Global Ratings credit...
