Press Release|Public Finance
KBRA Assigns AA Rating to Chicago Park District, IL General Obligation Limited Tax Park Bonds, Series 2025A and General Obligation Limited Tax Refunding Bonds, Series 2025B
23 Oct 2025 | New York
KBRA assigns a long-term rating of AA to the Chicago Park District, IL General Obligation Limited Tax Park Bonds, Series 2025A and General Obligation Limited Tax Refunding Bonds, Series 2025B. KBRA additionally affirms the long-term rating of AA for the District's outstanding general obligation bonds. The rating Outlook is Stable.
Key Credit Considerations
The rating action reflects 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
- Elevated fixed cost burden both on a per capita basis and as a percentage of full market property valuation.
- Very low pension funded ratio at 33.3% as of FY 2024.
Rating Sensitivities
For Upgrade
- Significantly improved debt and pension metrics.
- 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 increases in debt that would pressure capacity under the Debt Service Extension Base.
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