S&P Global Ratings assigned its 'BB' rating to the Illinois Finance Authority 's approximately $25.9 million series 2025A revenue and refunding bonds and $4.3 million series 2025B bonds, issued for The Chicago Theatre Group (the Goodman Theatre or the Goodman). The outlook is stable. We estimate total pro forma debt to be around $32 million. The series 2025A and 2025B bonds are being issued to fund $1.5 million in new money for capital projects, to refund all existing debt obligations, to fund a debt service reserve fund of $2.3 million, and to pay related costs of issuance. The bonds are secured by a pledge of revenues of the theatre, leasehold mortgage (Theatre Premises) and fee simple mortgage (Pershing Premises), and
