- Chicago political tensions over budget and renters' rights
- Justin Marlowe analyzes Chicago municipal finance while Mayor Brandon Johnson leads city administration.
S&P Global Ratings reviews Chicago's municipal bonds following pension payment
- Reports
- 3
- Developments
- 2
- Repetition
- 33%
New informationRepeats or wire copies
What happened
S&P Global Ratings rated Chicago's municipal bonds, reflecting the city's financial management. Chicago fulfilled a budgetary pledge by making the second half of its supplemental pension payment for the year. The city's general obligation bonds are currently rated BBB by S&P Global Ratings, though all ratings carry negative outlooks. Previously, the city authorized $830 million in general obligation bonds, structured to delay interest payments for two years.
Why it matters
The ratings reflect the financial health of the city, which S&P Global Ratings had previously downgraded. The supplemental pension payment assuaged concerns of aldermen and rating agencies. Aldermen noted that failing to make the payment would have been disastrous for the city's bond ratings.
Justin Marlowe analyzes Chicago municipal finance while Brandon Johnson leads city administration.
Who's involved
- Brandon JohnsonMayor of Chicago, exercising executive and governing authority over the city.
- ChicagoThe city whose municipal bonds are being rated and whose finances are under review.
- S&P Global RatingsThe credit rating agency evaluating the financial health of Chicago's municipal bonds.
- Bill ConwayAlderman who spoke about the necessity of the pension payment to maintain bond ratings.
- Chicago City CouncilThe legislative body that approved the $830 million bond authorization.
How it developed
Newest first. Tap a step to see who reported it.Mayor Johnson vetoes debt ordinance and negotiates bond transparency with the council.1 source
S&P Global Ratings rates Chicago's bonds, reflecting the state of city finances.1 source
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The entities involved
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Brandon Johnson
American basketball player (born 1995)
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Chicago
city and county seat of Cook County, and largest city in State of Illinois, United States of America
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S&P Global Ratings
credit rating agency, subsidiary of S&P Global
Related events
- The Chicago city council rebelled against Mayor Johnson's tax policies while also governing the city's parking system.
- Brandon Johnson opposed an alternative budget approved by the city council and is preparing City Hall for layoffs.
- Chicago City Council and Mayor Johnson face tensions over debt, while Amazon is fined for traffic violations.
- Brandon Johnson's tax proposal, which targeted jobs on the South Side, failed to gain approval from the City Council.
- Mayor Brandon Johnson proposed tax increases in Chicago to fund city operations.