Summary: Cook County School District No. 170 (Chicago Heights), Illinois; General Obligation

S&P Global Ratings assigned its 'A-' rating to Cook County School District No. 170 (Chicago Heights), Ill.'s series 2017C taxable general obligation (GO) limited-tax funding bonds and series 2017D GO limited-tax funding bonds. The outlook is stable. The district will use bond proceeds to refund debt certificates issued earlier this year to finance the construction of a middle school and make improvements to existing buildings. The series 2017C and 2017D limited-tax bonds are secured by the district's debt service extension base (DSEB), which is unlimited as to rate but limited as to amount. Although the district's DSEB increases each January by the rate of inflation under Illinois statute, we do not presume DSEB growth. Because combined debt service for the

...S&P Global Ratings assigned its 'A-' rating to Cook County School District No. 170 (Chicago Heights), Ill.'s series 2017C taxable general obligation (GO) limited-tax funding bonds and series 2017D GO limited-tax funding bonds. The outlook is stable. The district will use bond proceeds to refund debt certificates issued earlier this year to finance the construction of a middle school and make improvements to existing buildings. The series 2017C and 2017D limited-tax bonds are secured by the district's debt service extension base (DSEB), which is unlimited as to rate but limited as to amount. Although the district's DSEB increases each January by the rate of inflation under Illinois statute, we do not presume DSEB growth. Because combined debt service for the bonds before federal interest subsidies exceeds the current DSEB, we consider the bond security to essentially constitute general fund or non-ad valorem type debt. The series 2017C bonds will be issued as qualified school construction...

Summary