...November 29, 2022 CHICAGO (S&P Global Ratings) Nov. 29, 2022--S&P Global Ratings assigned its '##-' long-term rating to the Illinois Finance Authority's estimated $54 million series 2022 revenue bonds issued on behalf of the Shedd Aquarium Society (the Shedd). The outlook is stable. The series 2022 issuance is secured by an unconditional general obligation of the Shedd. Upon issuance there will be approximately $65 million in debt outstanding, including the $54 million issuance and the existing direct placement debt with about $11 million outstanding. The debt service schedule is slightly front loaded and fully amortizes by 2047. The debt is being issued to help fund an expansion of the aquarium, add additional exhibits, and redesign existing space, including an outside entry pavilion to make it more inviting to patrons and an offsite facility for animal care and sustainability.. Funding for the new project will include a combination of debt, fundraising, and existing available resources....
