Standard & Poor’s this week upgraded its underlying rating on limited-tax certificates issued for Joliet Junior College by Will, Grundy, Etc. Counties Community College District No. 525 into the low double-A category, citing a long trend of robust economic growth, upgraded management practices, and stable financial operations.
The certificates were upgraded to AA-minus from A-plus, affecting about $6 million of debt issued in 2003. At the same time, Standard & Poor’s assigned a first-time AA rating to the district’s upcoming $30 million sale of general obligation bonds. The certificates are a notch lower because they do not carry the full faith and credit of the district.