S&P Global Ratings revised the outlook to positive from stable and affirmed its'AA-'long-term rating on the Illinois Finance Authority's series 2022 revenue bonds issued on behalf of the Shedd Aquarium Society (the Shedd). The outlook revision reflects growth in financial resources as well as surplus operations that have outperformed conservative budget estimates for several years, aided by growing attendance revenue annually. The bonds are backed by an unconditional general obligation of Shedd. As of the end of fiscal year 2025, Shedd has approximately $54 million in outstanding series 2022 debt and about $4.5 million in privately placed debt, and maintains substantial liquidity to helps offset any additional risk. The debt service schedule is somewhat front-loaded and debt will
