Bond ratings

A complex refinancing continues Chicago's break from past scoop-and-toss deals but front-loads savings to help balance its budget.

The agency cited the closeness of the entities to Florida's government.

S&P Global Ratings placed Chicago's general obligation bond rating on watch negative Tuesday, warning against heavy reliance on one-time budget solutions.

Credit ratings and the role of rating agencies have changed in response to an evolving market over the past 16 years, according to speakers during an online California Debt and Investment Advisory Commission.

The agencies cited the authority's strong performance and position.

The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.

The upgrade affects most but not all of MEAG's outstanding bonds.

Geography is playing a role in financial health as debt issuance rises.

Moody's also upgraded other Florida locality bonds recently as a result of a revised cities and counties rating methodology.

"That's great news, and it reflects the outstanding work and commitment of our city council and my administration to keep Tampa on rock-solid financial footing," said Tampa Mayor Jane Castor.