S&P gives Grinnell College bonds AAA/A-1+

Standard & Poor's said it assigned its AAA/A-1+ rating to the Iowa Higher Education Loan Authority's private college facility variable-rate demand revenue bonds, series 2008, issued for Grinnell College. The outlook is stable.

The bonds are due June 1, 2023.

Bond proceeds will be used to fund a field house expansion, an indoor swimming pool, a preschool facility, street improvements and administrative office renovations.

S&P also affirmed its AAA/A-1+ rating on the college's outstanding series 2001 bonds.

The A-1+ short-term rating is based on a standby bond purchase agreement provided by Northern Trust Co. (A-1+).

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