Chicago GOs Raised To Aa3

Shields, Yvette
February 2006
Bond Buyer;2/10/2006, Vol. 355 Issue 32317, p1
Trade Publication
The article reports on the upgrade of general obligation (GO) credit of Chicago, Illinois by Moody's Investors Service Inc., putting it firmly in the low- to mid-double-A category with all three rating agencies, which have been impressed with the city's use of a $1.8 billion cash windfall to establish reserves. The Moody's review was released coinciding with the city's planned sale of up to $50 million of GO tender notes. The city will sell at least $200 million in GO for capital projects and another $130 million in revenue-backed debt for the sewer and water systems.


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