KBRA Releases Rating Report for the Board of Education of the City of Chicago Dedicated Capital Improvement Tax Bonds Series 2018
NEW YORK--(BUSINESS WIRE)--Nov 26, 2018--On November 20, 2018, Kroll Bond Rating Agency (KBRA) assigned the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago’s Dedicated Capital Improvement Tax Bonds Series 2018.
In addition, KBRA also affirmed its rating of BBB Positive on outstanding Dedicated Capital Improvement Tax Bonds. The Bonds are secured by a first lien on the revenues from a specific ad valorem property tax levy (Capital Improvement Tax levy) on all taxable property within the Chicago Public Schools district. Based on the Capital Improvement Tax Act, the Board is authorized to levy a property tax to fund permitted capital improvement projects and to pay debt service on the Capital Improvement Bonds.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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Kate Hackett, Managing Director
Harvey Zachem, Managing Director
Justin Schneider, Senior Analyst
Karen Daly, Senior Managing Director
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: Kroll Bond Rating Agency
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PUB: 11/26/2018 10:47 AM/DISC: 11/26/2018 10:47 AM