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Credit Ratings

Current Ratings and Outlooks
Credit Kroll Bond Rating Agency Fitch Ratings Standard & Poor’s Moody’s
General Obligation BBB/BBB-*
Stable
BB
Stable
BB-
Stable
B1
Stable
Capital Improvement Tax BBB
Stable
A-
Stable
n/a n/a

*Kroll rates GO bond series issued since 2016 BBB. Outstanding bond series issued prior to 2016 are rated BBB-.

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can be no assurance that the ratings assigned will continue for any given time, or that a rating will not be lowered or withdrawn by a rating agency if in its judgment circumstances so warrant.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 its long term general obligation bonds from Fitch Ratings, Moody's Investors Service, Kroll Bond Ratings, and Standard & Poor's. Historical 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 historical CIT Bond ratings.

Historical General Obligation Ratings

Year Kroll Bond Rating Agency Fitch Ratings Standard & Poor’s Moody’s
Current BBB/BBB-* BB BB- B1
2020 BBB/BBB-* BB BB- B1
2019 BBB/BBB-* BB- B+ B2
2018 BBB/BBB-* BB- B B3
2017 BBB/BBB-* BB- B B3
2016 BBB/BBB-* B+ BB B2
2015 BBB+ BBB- A- Ba3
2014   A- A+ Baa1
2013   A- A+ A3
2012   A A+ A2
2011   A+ AA- Aa3
2010   AA- AA- Aa2

*Kroll rates GO bond series issued since 2016 BBB. Outstanding bond series issued prior to 2016 are rated BBB-.

Historical Capital Improvement Tax Ratings

Fiscal Year Kroll Bond Rating Agency Fitch Ratings
Current BBB A-
2020 BBB A
2019 BBB A
2018 BBB A
2017 BBB A
2016 BBB A