Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Cook County Community College District No. 508 (City Colleges of Chicago), Ill.'s series 2013 unlimited-tax general obligation (GO) bonds. The rating reflects our view of the district's: Participation in the deep and diverse economy of Chicago, which is the center of a major multicounty metropolitan area; Large tax base that includes downtown Chicago; Recent history of positive financial operations before transfers to capital funds, with diverse operating revenue streams; and Strong available reserves, including working cash. Partly offsetting these factors are the district's adequate, but below-average, income and moderately high overall debt burden. The bonds are general obligations of the district payable from tuition and fees, state
