Standard & Poor’s upgraded to AA-minus from A-plus general obligation debt issued by Cook County School District No. 99, which encompasses the Chicago suburb of Cicero.
The outlook is stable and the upgrade affects $28 million of GOs. It comes as the district prepares to sell $22.5 million of GO limited-tax Build America Bonds.
The district serves a population of 81,000. Its 2009 audit shows ample general fund surplus and strong reserves, analysts said. The district is strengthened by its proximity to Chicago — Cicero is located seven miles west of downtown.
Other strengths include a growing enrollment, moderate debt burden, and “adequate low-income indicators, which benefit the district’s state aid revenues through the state’s poverty grant funding formula,” wrote analyst Adam Watson.