...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 reflects the short-term rating on U.S. Bank. We assess the college's enterprise profile as adequate, with recent fluctuations in freshman applicants, and selectivity over the past three years, as well as weakening matriculation and a high discount rate. We assess 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, a sound management team, and no...
