S&P Global Ratings lowered its long-term rating on Galesburg , Ill.'s series 2021A revenue bonds and series 2021B taxable revenue bonds, issued for Knox College (Knox), to ?BBB? from ?BBB+?. At the same time, S&P Global Ratings assigned the ?BBB? long-term rating on Galesburg, Ill?s series 2025A revenue bonds and series 2025B taxable revenue bonds, issued for Knox. The outlook is stable. The downgrade reflects the increasing debt post-issuance, contributing to weaker cash and investments to debt metrics and an elevating maximum annual debt service (MADS) burden and the trend of operating deficits. As of fiscal 2024, Knox had about $40.2 million in debt outstanding. Outside of a very small amount of capital leases outstanding, the vast majority of the
