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Another Credit Blow Adds to Chicago Schools' Woes

December 22, 2015

The Chicago Public Schools' cash crisis triggered a fresh rating blow this week that market participants say could scare off some buyers and further drive up its already steep spread premiums. A B1 rating "severely restricts the public buyer base," said Brian Battle, director of trading at Chicago-based Performance Trust Capital Partners. He suggested a private placement might work better for the district. The bond resolution the Board of Education approved last week allows for either a public offering or private placement.

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