Summary: Cook County School District No. 88 (Bellwood), Illinois; General Obligation

S&P Global Ratings revised its outlook on Cook County School District No. 88 (Bellwood), Ill.'s general obligation (GO) debt to positive from stable. At the same time, we affirmed our `A-' long-term rating on the GO debt. We also assigned our 'A-' rating, with a positive outlook, to the district's $5.7 million series 2021A GO limited-tax school bonds and $18.9 million series 2021B taxable GO limited-tax bonds. We revised the outlook because the district's new management has dramatically improved its budgetary performance with the help of a favorable change in state funding, resulting in a recent history of positive operations and growth in available reserves to a strong level. Officials will use bond proceeds to refund previous debt for savings

...S&P Global Ratings revised its outlook on Cook County School District No. 88 (Bellwood), Ill.'s general obligation (GO) debt to positive from stable. At the same time, we affirmed our `A-' long-term rating on the GO debt. We also assigned our 'A-' rating, with a positive outlook, to the district's $5.7 million series 2021A GO limited-tax school bonds and $18.9 million series 2021B taxable GO limited-tax bonds. We revised the outlook because the district's new management has dramatically improved its budgetary performance with the help of a favorable change in state funding, resulting in a recent history of positive operations and growth in available reserves to a strong level. Officials will use bond proceeds to refund previous debt for savings and to generate $11 million for various capital improvements. The bonds are secured by the district's debt service extension base (DSEB), which is unlimited as to rate but limited as to amount. Projected debt service for all of the district's limited-tax...

Summary