Press Release|Public Finance

KBRA Affirms AA Rating for Chicago Park District, IL GO Bonds; Outlook Stable

13 Oct 2026   |   New York

Contacts

KBRA affirms the long-term rating of AA for the Chicago Park District, Illinois' outstanding general obligation bonds. The Outlook is Stable

The District’s non-voted general obligation (G.O.) bonds constitute a direct and general obligation of the District, payable from a levy unlimited as to rate but limited to amount.

Established on April 20, 1934, the District is coterminous with the City and operates one of the largest municipal park systems in the nation with 8,900 acres of green space including 619 parks and 29 miles of public lakefront. The District also owns several assets that are privately managed under operating contracts including seven golf courses, eleven harbors with over 6,000 boat slips and moorings, and Soldier Field. In addition, eleven museums are located on Park District land.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Strong financial condition evidenced by stable and healthy levels of operating reserves.
  • Long-standing financial management policies and procedures for budgeting, forecasting, and operations management.
  • Substantial tax base, and a deep and diverse economic resource base coterminous with the City of Chicago.

Credit Challenges

  • Very low pension funded ratio at 32% as of CY 2025.
  • Improving, though still high, fixed cost burden.
  • Elevated overall debt burden as measured on both a per capita basis and as a percentage of full market property valuation, largely reflecting issuance by overlapping jurisdictions

Rating Sensitivities

For Upgrade

  • Significantly improved pension funding level and resultant decrease in the fixed cost burden.
  • Continuation of robust financial operations, generating surpluses and increasing reserves while incorporating pension expenditures.

For Downgrade

  • Disruption to the availability of revenue generating District assets, including the inability to replace potential lost revenue from the Bears relocation from Soldier Field.
  • Significant deterioration in the level of available fund balance and operating reserves.
  • Material issuance of additional debt resulting in a substantial increase in the District’s direct debt burden and fixed costs.

To access ratings and relevant documents, click here.

Methodology

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: 1017521