S&P Global Ratings' rating on Illinois Finance Authority's series 2023A revenue bonds issued for DePaul College Prep (DCP) is 'BB+'. The outlook is stable. As of June 30, 2023, the school had $74.8 million in total debt outstanding, consisting of the $74.3 million in outstanding 2023A revenue bonds, and an unsecured promissory note of $475,000 payable to the Congregation of the Resurrection. The series 2023A bonds are ultimately secured by a gross revenue pledge of the school, which we consider a general obligation of DCP. We understand bondholders will be provided a debt service coverage covenant requiring 1.1x annual debt service coverage, and a liquidity covenant requiring maintenance of at least 60 days' cash on hand based on consolidated audited
