Press Release|Public Finance

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

28 Mar 2024   |   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 2024A; General Obligation Limited Tax Refunding Bonds, Series 2024B; and General Obligation Unlimited Tax Bonds, Series 2024E (Special Recreation Activity 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 32.1% 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.



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 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.

Doc ID: 1003715

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