K-12 Tax & $pending Climate: Chicago’s credit rating downgraded
S&P cites 2025 budget, little willingness to cut spending and uncertainty about the ability to raise taxes.
And:
A downgrade isn’t only a reputational hit; it could also increase the city’s cost to borrow money for long-term projects like Johnson’s $1.25 billion housing and development bond, which is slated to go to market early this year.
The city’s chief financial officer, Jill Jaworski, disagreed with the downgrade and said in a release that the rating does not “accurately reflect the strength of the City’s credit,” or its ability to meet steep debt and pension obligations.
———-Madison’s latest Standard & Poors debt ratings.
