Moody's Investors Service has assigned a Aaa rating to the to Community College District 532, Ill.'s $1.5 general obligation (limited tax) refunding debt certificates, Series 2012, and upgraded the district's outstanding parity general obligation limited tax debt certificates to Aaa from Aa1.
Moody's also affirmed the Aaa rating on the district's outstanding general obligation limited tax debt secured by the district's debt service extension base (DSEB). Post sale, the district will have $23.2 million in Aaa rated general obligation limited tax debt.
The Series 2012 debt certificates are secured by the district's general obligation limited tax pledge and are payable from any funds legally available, but do not benefit from a separate and dedicated levy for debt service repayment.
The lack of rating distinction between the district's limited tax rating and the certificates reflects the lack of annual appropriation risk, the district's significant cash position, minimal level of debt service relative to operations, and a rapid amortization schedule.
Affirmation of the Aaa rating, Moody's highest quality rating, reflects the district's large, diverse and affluent tax base located in Lake County (general obligation rated Aaa), very healthy financial profile supported by healthy reserves and substantial alternate liquidity and conservative management team with strong internal controls.