City of Chicago, IL

Fitch upgraded Chicago's issuer default rating and GO debt rating to A-minus from BBB-plus and the city's sales tax securitization bonds to AAA from AA-plus.

Mayor Brandon Johnson and Chicago's finance team talked up the Windy City's economy and talked up bond sale plans at an event for municipal bond investors.

On Friday, Mayor Brandon Johnson will headline Chicago's 2024 investor conference, organized around the narrative that rating agencies underestimate the city. 

Chicago's top suburban customer and Illinois' largest water wholesaler bought land for a treatment plant in Northbrook, saying it will strike out on its own.

Steven Mahr moved to Chicago two years ago, and in March, he moved from Stifel to the city's finance department, where he's now happily tackling tough problems.

The bond plan, a key priority for Mayor Brandon Johnson, will be paid for with revenue gained by letting tax increment financing districts expire.

This is the second wastewater deal since the city received an upgrade in April 2023.

Chicago Mayor Brandon Johnson's real estate transfer tax change ballot measure – also known as the mansion tax or Bring Chicago Home – was headed for defeat.

On Friday, the Chicago City Council's Finance Committee will discuss $1.25 billion of general obligation and Sales Tax Securitization Corporation bonds.

S&P cited budget pressures that have not been counterbalanced by new revenue growth when lowered the outlook on the city's BBB-plus rated GO bonds.

Moody's Investors Service bumped Chicago's outlook to positive from stable, while affirming the city's Baa3 issuer and general obligation bond ratings.

So far, the temporary Bally's casino in Chicago has brought in about a quarter of the tax revenue it needs to generate to keep up with budget expectations.

Joe Ferguson, who served as Chicago's inspector general under three mayoral administrations, replaces Laurence Msall, who died earlier this year.

The city of Chicago and its Sales Tax Securitization Corporation won The Bond Buyer's 22nd annual Deal of the Year award for its $1.7 billion financing that addressed initiatives related to affordable housing, homelessness support services, environmental justice, and community development.

The city may also issue an RFP for underwriters, though the timing is not set, said CFO Jill Jaworski.

Bennett joins the university as associate vice president of finance under CFO Ivan Samstein, former Cook County CFO.

The Bond Buyer's Deal of the Year awards will mark the 22nd year it has recognized outstanding achievement in municipal finance. The event, to be held Dec. 5 in New York City, will also include the presentation of the Freda Johnson Awards for Trailblazing Women in Public Finance.

Fitch Ratings did a deep dive on the nation's major airport capital programs, as projects have begun, and how they plan to fund them.

The rating agency raised the city's general obligation and sales tax securitization bond ratings a notch to BBB-plus and AA-plus respectively.

The proposed spending plan includes the first chunk of money from the city's new casino, which will support underfunded police and fire pensions.