Moody’s Investors Service has upgraded Lake County Community College District 532’s rating to Aaa from Aa1.
The move affects $25.1 million of general obligation debt, including $19.8 million being sold as soon as this week. Most of the proceeds will shift to unrated permanent-financing certificates that funded construction of a new science building at the college’s Grayslake campus and a student center at its Lakeshore location.
The GO bonds benefit from a dedicated levy with an unlimited rate, although the amount of taxes levied is limited by the district’s statutory debt service extension base.
The upgrade to triple-A marks “reflects the district’s sizeable and diverse tax base located in Lake County; very healthy financial profile supported by sizable reserves and substantial alternate liquidity; and a low debt burden with no concrete future borrowing plans,” Moody’s analysts wrote.
