The upgrade is likely to boost efforts by Mayor Lori Lightfoot to convince Chicago City Council members to support her budget, which she hopes to pass on Nov. 7.
As more than two weeks of budget hearings concluded on Monday, a Wall Street ratings agency gave Mayor Lori Lightfoot’s $16.4 billion spending plan for 2023 its seal of approval.Fitch, one of a handful of major ratings agencies, upgraded Chicago’s credit one notch to BBB with a positive outlook. That is likely boost efforts by Lightfoot to convince Chicago City Council members to support her budget, which she hopes to pass on Nov. 7.
That rating helps determine how much the city has to pay in interest to borrow money, much like an individual’s credit score.The analysis by Fitch said the rating upgrade “reflects Chicago’s improving pension funding practices, its commitment to maintaining a sound reserve position, and ability to institute structural budget measures that improve its capacity to respond to future cyclical challenges.
A structurally balanced budget means the city’s expenses are not annually outpacing revenues, allowing the city to keep its books in the black without using budget maneuvers that generate revenue that the city cannot rely on in future years. Another ratings agency, Standard & Poor’s, did not change its rating of the city’s debt, which remains at BBB-plus, which is three notches above junk status. However, an analysis of the city’s spending plan by the firm acknowledges that the city’s budget is structurally balanced.
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