Summary: Chicago Park District, Illinois; General Obligation Oct 10

Standard & Poors, October 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Chicago Park District, Ill.'s series 2010C and 2010D general obligation (GO) unlimited-tax alternate revenue source 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 are the district's elevated debt service carrying charges. Series 2010C is secured by the district's harbor revenues, and to the extent that pledged revenues are insufficient, by unlimited property taxes. The district will abate the annual debt service levy only to the extent that pledged revenues...

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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