S&P reinstates AAA/A-1+ rating on Chicago sales tax bonds

Standard & Poor's has reinstated its AAA/A-1+ rating on Chicago's $115 million variable-rate series 2002 sales tax revenue refunding bonds following amendment of the standby bond purchase agreement provided by JPMorgan Chase (AA/A-1+), cancellation of an insurance policy provided by Financial Guaranty Insurance Co., and conversion of the bonds to the daily rate mode.

The outlook on the long-term component of the rating is stable.

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