-

KBRA Assigns AAA Rating to The County of Cook, Illinois Sales Tax Revenue Bonds, Series 2025; Affirms Rating for Parity Bonds

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AAA to The County of Cook, Illinois Sales Tax Revenue Bonds, Series 2025. KBRA additionally affirms the long-term rating of AAA for the County's outstanding Sales Tax Revenue Bonds. The rating Outlook is Stable.

Key Credit Considerations

The rating actions reflect the following key credit considerations:

Credit Positives

  • Pledged revenues, consisting of home rule sales taxes, provide robust debt service coverage.
  • Strong bondholder protections, highlighted by a conservative non-impairment covenant (1.35x) and ABT (2.5x).
  • Deep and diverse economic base underpinning the revenue pledge, with no concentration.

Credit Challenges

  • Sales tax revenues, which encompass home rule sales taxes, are economically sensitive.
  • The possibility, albeit remote, that the State could make statutory changes to reduce the home rule sales tax rate.

Rating Sensitivities

For Upgrade

  • Not applicable at AAA rating level.

For Downgrade

  • While not expected, a prolonged and deep economic downturn that results in a severe long-term reduction in pledged revenues and/or a substantial increase in sales tax revenue debt.
  • Action by the State or County to reduce home rule sales tax rate or limit revenue collections.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

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.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011237

Contacts

Analytical Contacts

Joe Plonski, Director (Lead Analyst)
+1 646-731-2353
joe.plonski@kbra.com

Peter Scherer, Senior Director
+1 646-731-2325
peter.scherer@kbra.com

Douglas Kilcommons, Managing Director (Rating Committee Chair)
+1 646-731-3341
douglas.kilcommons@kbra.com

Business Development Contacts

William Baneky, Managing Director
+1 646-731-2409
william.baneky@kbra.com

James Kissane, Senior Director
+1 646-731-2380
james.kissane@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Analytical Contacts

Joe Plonski, Director (Lead Analyst)
+1 646-731-2353
joe.plonski@kbra.com

Peter Scherer, Senior Director
+1 646-731-2325
peter.scherer@kbra.com

Douglas Kilcommons, Managing Director (Rating Committee Chair)
+1 646-731-3341
douglas.kilcommons@kbra.com

Business Development Contacts

William Baneky, Managing Director
+1 646-731-2409
william.baneky@kbra.com

James Kissane, Senior Director
+1 646-731-2380
james.kissane@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to Aspire Mortgage Trust 2026-2 (SPIRE 2026-2)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to eight classes of mortgage-backed notes from Aspire Mortgage Trust 2026-2 (SPIRE 2026-2), a $450.6 million non-prime RMBS transaction. The underlying collateral, comprising 829 residential mortgages, is characterized by fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs), which make up 99.3% and 0.7% of the pool, respectively. The loans are classified as Qualified Mortgages – Safe Harbor (APOR) (QM: Safe Harbor (A...

KBRA Assigns Issuer Rating to Universal Insurance Holdings and Preliminary Rating to Senior Unsecured Note Offering

NEW YORK--(BUSINESS WIRE)--KBRA assigns a BBB issuer rating to Universal Insurance Holdings, Inc. (NYSE: UVE) and a BBB preliminary long-term credit rating (LTCR) to UVE’s proposed $100 million fixed-rate senior unsecured notes (Notes) due 2031. The Outlook for both ratings is Stable. UVE intends to use the net proceeds from the proposed offering to refinance its existing $100 million 5.625% senior unsecured notes due November 30, 2026, thereby extending UVE’s debt maturity profile to 2031, as...

KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2026-6 (SEMT 2026-6)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 100 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2026-6 (SEMT 2026-6), a $740.1 million prime RMBS transaction. The pool is comprised of 588 first-lien, fully amortizing fixed rate mortgages with mostly 30-year maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 779 and moderate borrower equity, with a WA original LTV of 70.0% and WA original CLTV of 70.0%....
Back to Newsroom