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

S&P Global Ratings assigned its 'A-' long-term rating to Lewis and Clark Community College District (CCD), Ill.'s $7.75 million series 2022A general obligation (GO) debt certificates and $14.13 million series 2022B GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A-' rating on the district's GO debt outstanding. The outlook is stable. The series 2022A GO (limited tax) debt certificates are secured by a covenant to budget from legally available revenues amounts sufficient to meet debt service payments. We consider this legally available pledge equivalent to the district's GO pledge under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019, despite not having a specific tax levy for the bonds,

...S&P Global Ratings assigned its 'A-' long-term rating to Lewis and Clark Community College District (CCD), Ill.'s $7.75 million series 2022A general obligation (GO) debt certificates and $14.13 million series 2022B GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A-' rating on the district's GO debt outstanding. The outlook is stable. The series 2022A GO (limited tax) debt certificates are secured by a covenant to budget from legally available revenues amounts sufficient to meet debt service payments. We consider this legally available pledge equivalent to the district's GO pledge under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019, despite not having a specific tax levy for the bonds, because the debt is payable from the general operating budget of the district, which we consider part of its general creditworthiness. The series 2022B GO bonds are secured by the district's full-faith-and-credit...

Summary