City of Chicago, IL

Chicago Mayor Lori Lightfoot is aiming to present her pick among five casino bidders to the City Council early next year.

The massive Chicago-based system that operates in 21 states scored a ratings boost from S&P and a revised outlook to positive from Fitch.

The tender/exchange offer is built into a more than $1 billion refinancing the city plans to price in early December.

Moody's joined the other three rating agencies in returning O'Hare's outlook to stable as Chicago plans to tap an up to $2.3 billion new money and refunding authorization next year.

The outlook revisions boosts a city with some $8 billion in borrowing in the works, including more than $1 billion before the end of this year.

Chicago anticipates a casino-resort development will result in a $200 million annual jackpot — with room to grow — to help cover public safety pension contributions.

The city’s timing is good as long as market demand for municipals, especially higher yielding paper, stays on track, municipal bond investors say.

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.

The full Chicago City Council will cast a final vote on a $4.4 billion bonding authorization and 2022 budget in the coming days.

Chicago Mayor Lori Lightfoot's finance team laid out plans to tap more than half of $9 billion of existing and proposed borrowing authority through 2022 to refinance debt for savings and fund infrastructure and pandemic recovery efforts.