NEW YORK - Standard & Poor's Ratings Services said it revised its outlook on Illinois Finance Authority's outstanding debt, issued for Columbia College Chicago, to positive from stable.
At the same time, Standard & Poor's said it affirmed its BBB rating and BBB underlying rating (SPUR) on the college's outstanding debt.
In addition, Standard & Poor's assigned its BBB rating to the authority's approximately $5.7 million revenue refunding bonds, series 2004, issued for Columbia College Chicago. The sale date is June 14.
"The revised outlook reflects Standard & Poor's expectation of continued strong operating performance, stable enrollment, continued growth in liquidity relative to expenses and debt, and continued resolution of the pension liability adjustments seen in fiscal years 2003 and 2002; the outlook period is approximately two years," said Standard & Poor's credit analyst Susan Carlson.
Columbia's total debt outstanding is $63 million.
