S&P Global Ratings assigned its 'BB+' rating to the Illinois Finance Authority's 2023A revenue bonds issued for DePaul College Prep (DCP). The outlook is stable. Post-issuance, debt outstanding will consist entirely of the series 2023A bonds. The authority will lend the bond proceeds of approximately $74 million) to DePaul College Prep Foundation. Bond proceeds will refinance the principal amount of DCP's taxable note of $46.8 million outstanding, finance a debt service reserve fund, and finance the construction and equipping of a new academic wing at existing facilities. The series 2023A bonds are ultimately secured by a gross revenue pledge of the school, which we consider a general obligation of DCP. We understand bondholders will be provided a debt service coverage covenant
