Standard & Poor's Ratings Services said it raised its rating on the city of Chicago's senior-lien wastewater debt outstanding to AA from AA-minus and its rating on the city's second-lien wastewater revenue-secured debt outstanding to AA-minus from A-plus.
At the same time, Standard & Poor's assigned its AA-minus long-term rating, and stable outlook, to Chicago's series 2014 second-lien wastewater transmission revenue project bonds. The outlook is stable.
"The upgrade reflects the city's actions to improve its financial position while addressing its capital needs in a timely fashion and still maintain rates that will not stress its service base," said Standard & Poor's credit analyst Corey Friedman.
