S&P Global Ratings affirmed its 'BBB+' underlying rating on the Illinois Educational Facilities Authority's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC). S&P Global Ratings also affirmed its 'AA-/A-1+' rating on the authority's series 2005 bonds, based on the application of joint criteria. The 'AA-' 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 reflects the short-term rating on U.S. Bank. The outlook, where applicable, is stable. The 2005 bonds are secured by the college's general obligation pledge. Total pro forma debt outstanding is $37.2 million, including the series 2022 privately placed bonds ($20.0 million), the rated 2005
