KBRA Releases Report Assigning BBB- Rating, Negative Outlook, to the Board of Education of the City of Chicago, IL Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2025B and Series 2025C

On October 8, 2025 KBRA assigned a long-term rating of BBB- to the Chicago Board of Education (the Board), Illinois, Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues), Series 2025B and Series 2025C. Concurrently KBRA downgraded the rating on the Board's outstanding bonds for which, like the Series 2025B and Series 2025C, KBRA has not received a legal opinion provided by the Board and approved by KBRA's outside counsel stating the property taxes securing the bonds should likely be treated as "special revenues," as defined under the U.S. Bankruptcy Code in a Chapter 9 legal proceeding to BBB- from BBB. The rating for those series of bonds with associated special revenue legal opinion is downgraded to BBB from BBB+. The Outlook for all outstanding series is Negative.

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