NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of BBB+ with a Stable outlook to the City of Chicago General Obligation Bonds - Project and Refunding Series 2017A, and Taxable Project Series 2017B. KBRA also affirms the long-term rating of BBB+, and has revised the outlook from Negative to Stable, on the City’s outstanding General Obligation Bonds.
This rating is based on KBRA’s U.S. Local Government General Obligation Rating Methodology. In the process of assigning the rating, KBRA reviewed multiple sources of information, and met with City management.
The Bonds are direct and general obligations of the City and are payable as to principal and interest from any moneys, revenues, receipts, income, assets or funds of the City legally available for such purpose, including, but not limited to, the proceeds of direct annual tax levied by the City in the Bond Ordinance upon all taxable property located in the City sufficient to pay principal and interest on the Bonds. The Bonds are secured by the City’s full faith and credit pledge without limitation as to rate or amount.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).