Summary: Chicago Park District, Illinois; General Obligation Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Chicago Park District, Ill.'s series 2011A general obligation (GO) limited-tax park bonds, series 2011B GO limited-tax refunding bonds, and series 2011C and 2011D GO unlimited-tax refunding bonds. We also affirmed the 'AA+' rating on the district's prior limited- and unlimited-tax GO bonds. The rating is based on our view of the district's: Large and diverse tax base, anchored by downtown Chicago; Strong financial operations; Forward-looking management team that focuses on diversifying revenue streams and reducing administrative costs while enhancing service; and Moderate debt burden. Offsetting these factors is the district's elevated debt service carrying charge. Series 2011A and 2011B are secured by the district's debt service extension...

Companies mentioned in this report are: Chicago Pk Dist
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Chicago Pk Dist

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