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Chicago & Midwest  + Downtown  + Finance  |  November 9, 2022
Paul Bubny
By: Paul Bubny

Chicago Bonds Garner First Moody’s Upgrade in 12 Years

Moody’s Investors Service has upgraded the City of Chicago’s General Obligation Debt to a Baa3 rating. This upgrade marks the first upgrade the city has received from Moody’s in 12 years.  The Moody’s upgrade of one notch from Ba1 to Baa3 brings every City of Chicago rating to an investment grade. 

In addition to upgrading the City’s GO credit, Moody’s also upgraded the City’s water bonds, sewer first lien bonds, and sewer second lien bonds, adding to a total of 10 upgrades of the city’s various credits over the last three months. These upgrades are expected to save the city more than $100 million for each $1 billion borrowed.  

“The city’s 10 upgrades from independent rating agencies and investment grade ratings across the board is external proof that the city has turned around its finances,” said Jennie Huang Bennett, the city’s CFO. 

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City of Chicago's Bennett

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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