S&P Global Ratings lowered its rating two notches to 'A+' from 'AA' on Cook County Community College District (CCD) No. 508 (City Colleges of Chicago), Ill.'s outstanding general obligation (GO) bonds. The outlook is negative. The downgrade reflects the weakened unrestricted net assets (UNA) and use of reserves in fiscal 2015 and likely use of combined general fund reserves after reduced state revenue in fiscal 2016, coupled with the potential risks should the state fail to adopt a fiscal 2017 state budget and no additional funds are appropriated for CCDs. In our opinion, a lack of additional appropriations for fiscal 2017 could weaken the district's financial position and cause potential liquidity concerns by the end of fiscal 2017. Additionally, the
