Moody's assigns Baa1 to Chicago's (IL) $110M Motor Fuel Tax Revenue Refunding Bonds Ser. 2013 (Issue of June 2014)

Posted on: May 29, 2014, 5:58 pm

NEW YORK, May 29, 2014 --Moody's Investors Service has assigned a Baa1 rating to the City of Chicago's $110 million Motor Fuel Tax Revenue Refunding Bonds Series 2013 (Issue of June 2014). The bonds are secured by a senior lien on 75% of the city's annual allocation of state motor fuel taxes as well as additional revenues pledged by the city. The additional revenues primarily consist of dock licensing fees collected from tour boats operating on the Chicago River. The city will use proceeds of the Series 2013 bonds to refund its outstanding Series 2003A motor fuel tax revenue bonds for anticipated interest cost savings. Concurrent with the rating assignment, Moody's has affirmed the Baa1 rating on the city's debt secured by motor fuel tax revenue, which totals $275 million inclusive of the current bonds and a drawdown of the city's Transportation Infrastructure Finance and Innovation Act (TIFIA) bond. The outlook remains negative...

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