S&P Global Ratings affirmed its underlying ?BBB? rating on the Illinois Development Finance Authority 's series 2005 adjustable-rate demand revenue bonds, issued for Illinois College (IC). S&P Global Ratings also 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 'A+' 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 N.A. The 2005 bonds are secured by the college's general obligation pledge. Total pro forma debt outstanding as of fiscal-year-end 2024 was $32.5 million, including the series 2023 privately placed
