...S&P Global Ratings affirmed its '###' rating on Cook County Community College District (CCD) No. 508 (City Colleges of Chicago), Ill.'s outstanding GO bonds. The outlook is stable. The series 2017 bonds and outstanding series 2013 bonds are secured by the district's unlimited ad valorem tax full faith and credit GO pledge. The bonds are alternate revenue source bonds payable from tuition and fees, state grants, and other pledged revenues. If pledged revenues are insufficient, the bonds are ultimately secured by unlimited ad valorem property taxes. Under the bond resolution and trust indenture, City Colleges will abate the annual tax levy only to the extent that pledged revenues are on deposit in the pledged revenues account to pay debt service. The rating is based on the unlimited-tax GO pledge, which we view as the stronger security. The college district's financial position was decimated, at least in part, by the state budget impasse. (See "The Illinois Budget Impasse And Community College...
