Summary: Lewis and Clark Community College District, Illinois; General Obligation

S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA' long-term rating and underlying rating (SPUR) on Lewis and Clark Community College District, Ill.'s general obligation (GO) bonds outstanding. At the same time, we assigned our 'AA' long-term rating, with a negative outlook, to the district's series 2016 taxable GO working cash fund bonds. The outlook revision reflects our view of the district's current fiscal year break-even budget being dependent on receiving the full amount of state funding, which is uncertain at this point. The district's state revenue source (not including on-behalf pension payments) accounts for 20% of combined education and operations and maintenance fund revenues. At this point, the district is assuming it will receive

...S&P Global Ratings revised its outlook to negative from stable and affirmed its '##' long-term rating and underlying rating (SPUR) on Lewis and Clark Community College District, Ill.'s general obligation (GO) bonds outstanding. At the same time, we assigned our '##' long-term rating, with a negative outlook, to the district's series 2016 taxable GO working cash fund bonds. The outlook revision reflects our view of the district's current fiscal year break-even budget being dependent on receiving the full amount of state funding, which is uncertain at this point. The district's state revenue source (not including on-behalf pension payments) accounts for 20% of combined education and operations and maintenance fund revenues. At this point, the district is assuming it will receive the full amount of state funding for fiscal 2016 and 85% in fiscal 2017. The district's full-faith-and-credit unlimited-tax GO pledge secures the 2016 bonds and parity bonds. Management will use bonds proceeds to...

Summary