Illinois Educational Facilities Authority Illinois College; Joint Criteria

S&P Global Ratings affirmed its 'BBB+' underlying rating (SPUR) on the Illinois Educational Facilities Authority's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC). The outlook is stable. S&P Global Ratings also affirmed its 'AA-/A-1+' rating on the authority's series 2005 bonds issued for IC, based on our 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 general obligation (GO) pledge of IC secures the bonds. At May 31, 2020, total debt was $17.32 million. As a result of the COVID-19 pandemic, IC transitioned to

...S&P Global Ratings affirmed its '###+' underlying rating (SPUR) on the Illinois Educational Facilities Authority's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC). The outlook is stable. S&P Global Ratings also affirmed its '##-/A-1+' rating on the authority's series 2005 bonds issued for IC, based on our application of joint criteria. The '##-' 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 general obligation (GO) pledge of IC secures the bonds. At May 31, 2020, total debt was $17.32 million. As a result of the COVID-19 pandemic, IC transitioned to hybrid programming. Most of the virtual classes maintained an in-person component and the majority of students returned to campus. In audited fiscal 2020, the college had a full-accrual deficit of $1.6 million, or a negative 2.85% operating...

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