NEW YORK–(BUSINESS WIRE)–On August 26, 2019, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago’s (the “Board”) Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2019A and Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2019B. In addition, KBRA affirmed its ratings on the Board’s outstanding Unlimited Tax General Obligation Bonds.
The Series 2019A and Series 2019B Bonds are general obligations of the Board of Education of the City of Chicago (“Board”) issued under the Alternate Revenue structure and secured by the full faith and credit and unlimited taxing power of the Board. KBRA views the Alternate Revenue security structure as providing strong bondholder protection with a pledge of intergovernmental agreement revenues and personal property replacement taxes securing the Series 2019A Bonds. While for Series 2019B, state education aid is the primary source of repayment. An established property tax levy is the secondary source of security for both series.
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Issuer: Board of Education of The City of Chicago |
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Assigned |
Rating(s) |
Outlook |
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Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2019A |
BBB |
Positive |
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Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2019B |
BBB |
Positive |
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To view the report, click here.
Methodology:
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is 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.
Contacts
Analytical:
Harvey Zachem, Managing Director
(646) 731-2385
hzachem@kbra.com
Justin Schneider, Senior Analyst
(646) 731-2453
jschneider@kbra.com
Karen Daly, Senior Managing Director
(646) 731-2347
kdaly@kbra.com
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