NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA and Stable Outlook to the City of Chicago Second Lien Water Revenue Refunding Bonds, Series 2017-2. In addition, KBRA has affirmed the long-term rating of AA with a Stable Outlook on the City’s outstanding Second Lien Water Revenue Bonds. KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
This rating action is based on KBRA’s U.S. Municipal Water and Sewer Revenue Bond Methodology. KBRA’s rating evaluation focuses on the following key rating determinants:
- Legal Mechanics and Security Provisions
- Service Area & Economy
- System Characteristics
- Financial Metrics
- Debt Structure & Capital Plan Requirements
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.