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Some might argue that the BOE has several options for closing its funding shortfall. Although this makes the rating agencies seem reactive rather than proactive, they could legitimately reply that the market should not dictate their opinions. Keep em coming! According to the Bond Buyer :. Governor Rauner has recently suggested that the BOE should be given a means of restructuring its obligations and legislation has already been introduced to authorize Chapter 9 filings in the state. Recent downgrades have already increased the interest rates the board pays. The BOE has little ability to transform its revenue situation.

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As a side note, one of the more interesting debates underway in the market is whether a state or territory can adopt laws permitting municipalities to undertake a large-scale restructuring that could result in the retroactive adjustment of their liabilities. This would apply to both Puerto Rico and Illinois. For a municipal entity to be eligible to file for bankruptcy, the use of Chapter 9 has to be specifically authorized by the state in statute. I wish there would have been some other method used so we as the audience and the Mako pod could see the danger the dragon posses. It seems most conversations about Chicago credits keep coming back to this question. Investors have the option to put the bonds back to the issuer technically, the tender agent at any time with a specified notice.

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The potential insolvency of Chicago Public Schools and the stickiness of credit ratings

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