Chicago Park District, IL - GO Surveillance Report

Rating Summary

The long-term rating reflects the Chicago Park District’s (the District) consistent record of prudent fiscal management, which contributes to a strong financial profile and the maintenance of robust operating reserves. The District’s credit quality is further supported by its substantial and diverse tax base, anchored by the City of Chicago’s (the City) broad and resilient economy. Importantly, KBRA notes the District is a separate municipal corporation, legally and financially independent from the City, with its own governing board, budget, and taxing authority. The City has no recourse to District funds.

The District’s direct debt profile is modest and conservatively structured, consisting primarily of fixed rate, amortizing obligations, with level to declining annual debt service requirements. However, overlapping debt is significant and limits the District’s borrowing capacity.…