S&P Global Ratings affirmed its ‘BBB’ underlying rating on the Illinois Development Finance Authority's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC, or the college). At the same time, S&P Global Ratings affirmed its ‘A+/A-1’ rating on the authority's series 2005 bonds, based on the application of joint criteria. The outlook, where applicable, is stable. The college's general obligation secures the 2005 bonds. As of fiscal year-end May 31, 2026, IC had $29.5 million debt outstanding: the series 2023 privately placed bonds ($17.9 million), the rated 2005 bonds ($4.7 million), two lines of credit ($6.6 million), and financing leases ($368,000). Maximum annual debt service (MADS) equals $2.6 million, or 3.8% of fiscal 2026 operating expenses, which
