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Chicago Board of Education's New Debt Deal

Wochit Business
Wochit Business
2 years ago|0 view
The Chicago Board of Education, amidst financial crisis will begin to sell a new type of debt, armed with an investment grade rating from Fitch Ratings based on the bonds' ability to withstand bankruptcy filing. The $500 million capital improvement tax bonds slated to price through Barclays Capital are secured by a new property tax levy, earmarked exclusively for capital spending and not by the school district's own lower rated general obligation pledge.