Standard & Poor's Increases Illinois Central College Bond Rating to AA+
East Peoria, IL (05/17/2024) — Standard and Poor's Global Ratings increased the bond rating for Illinois Central College (ICC) to AA+ with a stable outlook in a report issued May 15. ICC is one of only two community colleges in the state of Illinois with an AA+ rating from Standard and Poor's.
The rating reflects the agency's view that ICC has a strong enterprise risk profile, which is reflected by their solid enrollment base and seasoned, capable and proactive leadership team. The report stated, "Stable and skilled leadership, formal financial management policies and proactive risk management support long-term structural balance and operating flexibility" at ICC.
ICC will use the $19.8 million in series 2024 bonds to implement integrated enterprise software and related IT system enhancements.
Bruce Budde, Executive Vice President of Administration and Finance for ICC, said, "Illinois Central College has worked hard to ensure our financial stability to ensure that we have the resources to serve our students and community with high-quality instruction, facilities and support services We are extremely proud to see our solid financial position and continued commitment to fiscally sound management recognized by Standard and Poor's."
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Illinois Central College is a two-year community college with campuses in East Peoria, Peoria and Pekin, Illinois, providing a high-quality, affordable education to prepare students to enter the workforce or to transfer to a four-year institution. ICC is the 2020 awardee of the National Community College Charles Kennedy Equity Award from ACCT, a 2022 EDA Good Job Challenge Institution, and the Lead College for the state of Illinois' Workforce Equity Initiative. ICC also conducts original research in agricultural fields, including water quality and soil conservation. For more information, visit icc.edu.
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