Lewis and Clark Community College District, IL Outlook Revised To Negative On Uncertainty Of State Funding

CHICAGO (Standard&Poor's) April 29, 2016--Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AA' long-term rating and underlying rating (SPUR) on Lewis and Clark Community College District, Ill.'s general obligation (GO) bonds outstanding. At the same time, we assigned our 'AA' long-term rating, with a negative outlook, to the district's series 2016 taxable GO working cash fund bonds. "The outlook revision reflects our view of the district's current fiscal year break-even budget being dependent on receiving the full amount of state funding, which is uncertain at this point," said Standard&Poor's credit analyst Andrew Truckenmiller. The negative outlook reflects our view that, although the district has very strong liquidity in the

...CHICAGO (Standard & Poor's) April 29, 2016--Standard & Poor's Ratings Services revised its outlook to negative from stable and affirmed its '##' long-term rating and underlying rating (SPUR) on Lewis and Clark Community College District, Ill.'s general obligation (GO) bonds outstanding. At the same time, we assigned our '##' long-term rating, with a negative outlook, to the district's series 2016 taxable GO working cash fund bonds. "The outlook revision reflects our view of the district's current fiscal year break-even budget being dependent on receiving the full amount of state funding, which is uncertain at this point," said Standard & Poor's credit analyst Andrew Truckenmiller. The negative outlook reflects our view that, although the district has very strong liquidity in the working cash fund, the imbalanced operations due to the budget impasse might cause significant financial pressure in the current and following fiscal years. Should the district fail to align its revenues and expenditures,...

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