The 'A+' rating on Chicago Board of Education, Ill.'s GO bonds has been affirmed in conjunction with the board's entering into a basis swap, whereby it will exchange variable-rate payments with two counterparties. The board's primary rating factors are: Chicago's deep and diverse economic base; The city's growing tax base; Sound financial management and institutionalized practices, producing a long-term trend of solid operations; Successful management of a massive construction program; and Continued constituent support for board policies and reform measures resulting from improving test scores; higher enrollment, attendance, and graduation rates; and lower incidences of truancy--all of which enhance the likelihood of additional achievement. Mitigating factors include the following: The challenges related to identifying funding sources for a multibillion-dollar capital...
Companies mentioned in this report are:
- Chicago Brd of Ed
- Chicago Pub Bldg Comm
Action: New Rating
Action: Outlook: Stable
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