...Standard & Poor's Ratings Services affirmed its '##-' long-term rating and underlying rating (SPUR) on the Illinois Educational Facilities Authority's outstanding series 2005 revenue refunding bonds, issued for the Shedd Aquarium Society (the Shedd). The outlook is stable. The rating reflects the Shedd's strong and consistent financial operating performance offset by recent softening of attendance and membership numbers. As an aquarium, the Shedd is heavily reliant on attendance revenue and must periodically make large investments in capital to refresh and maintain its exhibits, which requires significant debt or equity contributions and subsequently uses financial resources. However, we do not anticipate the issuance of any additional debt within the outlook period, and the rating reflects our view that the aquarium will be able to address any capital needs without a significant weakening of its balance sheet. More specifically, the rating reflects our view of the Shedd's:...
