CPS Credit Ratings 

Credit ratings, provided by independent third parties, serve as an indicator of an organization's financial stability—as well as the safety and security of the debt sold by that organization. Investors often use these ratings to help make decisions on which bonds to purchase.

In general, higher credit ratings attract a wider market of buyers and often result in lower borrowing costs.

The ratings reflect only the views of the particular rating organization. Chicago Public Schools has furnished each rating agency certain information and materials relating to outstanding obligations of the Board of Education of the City of Chicago. The agencies base their ratings on the information and materials provided along with their own investigations, studies and methodologies. There can be no assurance that the ratings assigned will continue for any given time, or that a rating will not be lowered or withdrawn by a rating agency if in its judgment circumstances so warrant. The explanation of its views, rating meaning and significance may be obtained from the respective rating agency.

Historically, Chicago Public Schools has received a credit rating associated with it’s long term general obligation bonds from Fitch Ratings, Moody's Investors Service, Kroll Bond Ratings and Standard & Poor's. These general obligation bond ratings are presented in Table 1 below.

Additionally, beginning in December 2016, a new capital improvement tax (“CIT”) long term bond credit was structured. The CIT credit is entirely separate from the existing general obligation credit. The CIT credit was rated at inception by Fitch Ratings and Kroll Bond Rating Agency. Table 2 below presents the CIT Bond ratings.

Both tables as shown are presented on a calendar year basis. The respective ratings that have been assigned are exclusive of any credit enhancement that may be attached to a particular bond issue.

General Obligation Bonds

Name of Agency 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Current Ratings Current Outlooks
Kroll Bond Rating Agency               BBB+ BBB (1)
BBB- (2)
BBB (3)
BBB- (4)
BBB (5)
BBB- (4)
BBB (5)
BBB- (4)
Fitch Ratings A+ A+ AA- A+ A A- A- BBB- B+ BB- BB- BB Stable
Standard & Poor's Rating Services AA- AA- AA- AA- A+ A+ A+ A- BB B B+ BB- Positive
Moody's Investor Services A1 A1 Aa2 Aa3 A2 A3 Baa1 Ba3 B2 B3 B2 B2 Stable

Capital Improvement Tax Bonds (CIT)

Name of Agency 2016 2017 2018 Current Ratings Current Outlooks
Kroll Bond Rating Agency BBB BBB BBB BBB Positive
Fitch Ratings A A A A Stable


(1) BBB for Series 2016AB.
(2) BBB- for all Series issued prior to Series 2016AB.
(3) BBB for Series 2016AB, Series 2017BCDEFGH.
(4) BBB- for all Series issued prior to Series 2016AB and Series 2017A.
(5) BBB for Series 2016AB, Series 2017BCDEFGH, Series 2018ABCD.


Page Last Modified on Wednesday, September 04, 2019