Chicago Motor Fuel Bonds Cut Six Levels to BBB+

 

Standard & Poor’s has cut the credit rating on Chicago Motor Fuel bonds six levels to BBB+.  Near term debt service payments for the 2008 and 2013 bonds are dependent on the City’s “ability and willingness” to pay the debt from available funds.  Grid lock in Illinois State Government has resulted in the City having not received its motor fuel tax revenue from the State since August.

Bloomberg Business article