S&P Global Ratings assigned its 'BB+' long-term rating to the Illinois Finance Authority ?s series 2025 revenue bonds, issued on behalf of Illinois Institute of Technology (Illinois Tech). The outlook is stable. The series 2025 bonds will constitute an unsecured general obligation (GO) of the university, and under the loan agreement, the university is required to make payments in amounts sufficient to pay the principal, premium, if any, and interest on the bonds. Proceeds from the approximately $194 million series 2025 bonds will be used to refinance the privately placed series 2018 bonds, refund two lines of credit of around $45 million with Wintrust and PNC, refund a portion of the 2019 bonds, and issue about $111 million total in
