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JJC Receives Positive Bond Rating from S&P

Joliet Junior College learned last week that Standard and Poor's (S&P) has rated its Series 2008 $30 Million General Obligation alternative revenue source bonds AA. The college will sell these bonds later this fall to fund projects benefiting students, including the college's new campus center. The bonds will be paid back with revenue generated by its recent capital assessment fees increase.

Per the report provided by S&P, this rating is indicative of the college's long history of fiscal responsibility, which was categorized as "strong, well embedded and likely sustainable." Of the 124 schools and community colleges rated by S&P in Illinois, JJC is one of only 40 that are ranked in the AA category or higher.

"This is good news for taxpayers because it will reduce what the college has to spend on any bond issuances in the future," said David Agazzi, vice president of administrative services.

The rating on the district's series 2003 limited-tax debt certificates also was upgraded from AA- to A+.

Joliet Junior College, the nation's first public community college, offers associate degree programs and transfer options for students planning to pursue a bachelor's degree at a four-year university. A comprehensive community college, JJC provides career and technical education leading directly to employment, adult education and literacy programs, workforce development services, and student support services. Founded in 1901, JJC serves more than 35,000 students in credit and noncredit courses.