NEW YORK--(BUSINESS WIRE)--On April 25, 2023, KBRA assigned a long-term rating of AA and Positive Outlook to the Chicago Park District General Obligation Limited Tax Refunding Bonds, Series 2023A. Additionally, KBRA affirmed the long-term rating of AA on the District’s outstanding General Obligation Bonds. The outlook for the affirmed ratings was revised to Positive from Stable.
The Positive Outlook reflects ongoing progress in pension plan funding following adoption of reform measures and improved financial performance and strong liquidity. KBRA will monitor potential recessionary headwinds and the District / City of Chicago interrelationship as a new City administration assumes office.
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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
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