...S&P Global Ratings affirmed its '###+' underlying rating (SPUR) on the Illinois Educational Facility 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 is based on the short-term rating on U.S. Bank. We assessed the college's enterprise profile as adequate, with fluctuations in freshman applicants, matriculation, and selectivity over the past three years, adequate student quality, high discount rate, and a sound management team. We assessed the college's financial profile as strong, based on our view of IC's very robust financial resources and very low debt with a rapid amortization schedule, and...
