Press Release|Public Finance

KBRA Assigns Long-Term Ratings of AA to Four Series of Chicago Park District General Obligation Bonds; Outlook is Positive

19 Sep 2023   |   New York


KBRA assigns a long-term rating of AA with a Positive Outlook to the Chicago Park District General Obligation Limited Tax Park Bonds Series 2023B; General Obligation Limited Tax Refunding Bonds, Series 2023C; General Obligation Unlimited Tax Refunding Bonds, Series 2023D (Personal Property Replacement Tax Alternate Revenue Source); and General Obligation Unlimited Tax Bonds, Series 2023F (Harbor Facilities Revenues Alternate Revenue Source). Additionally, KBRA affirms the long-term rating of AA, and Positive Outlook, on the District’s outstanding General Obligation Bonds.

Key Credit Considerations

The rating actions reflect the following key credit considerations:

Credit Positives

  • Strong financial condition as evidenced by stable and healthy levels of operating reserves.
  • Strong leadership team with long-standing financial management policies and procedures for budgeting, forecasting, and operations management.
  • Substantial tax base with deep and diverse economy that is coterminous with the City of Chicago.

Credit Challenges

  • Relatively high debt burden both on a per capita basis and as a percentage of full market property valuation.
  • Very low pension funded ratio at 31.5% as of FYE 2022.

Rating Sensitivities

For Upgrade

  • Moderating debt metrics.
  • Continuation of robust financial operations generating surpluses and increasing reserves.

For Downgrade

  • Significant deterioration in the level of available fund balance and operating reserves.

To access rating and relevant documents, click here.


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