Chicago Sales Tax Securitization Corp

Fitch joined Kroll and Moody's in moving Chicago's outlook to stable from negative as City Council prepares to vote on a budget and $4.4 billion in borrowing.

Refinancing savings and federal relief will fill Chicago's $1 billion 2021 hole while the city ponders how to erase a $733 million gap next year as its budget takes shape.

The budget cleared the Chicago City Council Tuesday. Rating agency and buy side reviews on the final plan will come next.

The Finance Committee signed off on new money, refunding, and scoop-and-toss debt restructuring deals and finance teams to assemble and sell the bonds.

Chicago Mayor Lori Lightfoot is promoting a $950 million restructuring that adds three years to the city's debt service schedule as present value neutral when factoring in savings from a more traditional $750 million refunding.

Mayor Lori Lightfoot's budget plan strikes the right balance between structural and one-time measures amid the coronavirus, says Jennie Huang Bennett.

Mayor Lori Lightfoot must manage demands from aldermen without damaging the city's ratings or investor sentiments on a coronavirus-driven budget with few fans.

Refinancing and restructuring debt plays prominently in the city's budget plans

Chicago is eyeing its second GO refinancing of the year, with savings expected to help chip away at the 2020 coronavirus-driven budget hole.

S&P cut its outlook on Berwyn, Illinois, GO and securitization bonds to negative over risks posed by the pandemic-induced economic shutdown and recession.

Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.

Chicago’s $1.5 billion sale of general obligation refunding bonds and Sales Tax Securitization Corp. debt generated $310 million of budget savings.

On heels of a successful GO deal on Wednesday, the market was hit with more Chicago paper as the city's STSC deal saw ample demand.

Chicago GOs were upsized and repriced on Wednesday to bump yields as indications of interest were taken on the Sales Tax Securitization sale.

Both the senior and the new second lien of Chicago's Sales Tax Securities Corp. are now rated AA-minus.

A healthy response to Chicago's first tender invitation is expected to bolster the savings on $1.47 billion of refinancing debt the city sells this week.

Demand for municipal bonds is much stronger in 2020 than it was to end 2019, illustrated by record inflows into the asset class in the latest reporting week.

Chicago is coming to market next week with its $1.3 billion debt refinancing.

The city is folding together separate syndicate and advisor teams on $1.2 billion of general obligation and Sales Tax Securitization Corp. refunding deals.

Rating agencies affirmed Chicago's GOratings and the first report also out on the new junior lien Sales Tax Securitization Corp. credit.