{"id":236,"date":"2019-06-12T14:24:43","date_gmt":"2019-06-12T18:24:43","guid":{"rendered":"https:\/\/buymuni.com\/?p=236"},"modified":"2019-06-12T14:24:51","modified_gmt":"2019-06-12T18:24:51","slug":"bondbuyer-cook-county-mulls-securitization-as-revenue-bonds-face-pressure","status":"publish","type":"post","link":"https:\/\/buymuni.com\/?p=236","title":{"rendered":"[BondBuyer] Cook County Mulls Securitization as Revenue Bonds Face Pressure"},"content":{"rendered":"\n<p>The Bond Buyer reported on June 10, 2019 that Cook County, Illinois is considering a securitization structure to lower borrowing costs.<\/p>\n\n\n\n<p>&#8220;Revenue credits have taken a hit due to court rulings in Puerto Rico\u2019s bankruptcy process and as some rating agencies revamp criteria to more closely link a revenue rating to that the general obligation credit of its issuing government or obligor. S&amp;P Global Ratings cut Cook County\u2019s sales bonds three notches last year,&#8221; the Bond Buyer said.<\/p>\n\n\n\n<p>Under a securitization, the County would effect the sale of revenues to a bankruptcy-remote special entity, with the objective of insulating the special entity from municipal bankruptcy.  A lock box structure would ensure revenues flow directly to the trustee to repay debt service before being released to the municipality.<\/p>\n\n\n\n<p>Similar securitization structures have been deployed in New York City and Chicago, with the special entities typically receiving higher ratings than the underlying cities.<\/p>\n\n\n\n<p>Read the <a href=\"https:\/\/www.bondbuyer.com\/news\/cook-county-mulls-securitization-as-revenue-bonds-face-pressure?\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"article (opens in a new tab)\">article<\/a> at the Bond Buyer.<\/p>\n\n\n\n<p>Contact Kyle Skinner at KSkinner@BuyMuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bond Buyer reported on June 10, 2019 that Cook County, Illinois is considering a securitization structure to lower borrowing&#8230;<\/p>\n","protected":false},"author":5,"featured_media":237,"comment_status":"open","ping_status":"open","sticky":false,"template":"template-full-width-post.php","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,12,46],"tags":[57,55,54,58,56],"class_list":["post-236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cities","category-issuers","category-rating-agencies","tag-bond-buyer","tag-chicago","tag-cook-county","tag-sp","tag-securitization","wpcat-15-id","wpcat-12-id","wpcat-46-id"],"jetpack_featured_media_url":"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/20190612-AmmarRizki.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=236"}],"version-history":[{"count":1,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/236\/revisions"}],"predecessor-version":[{"id":238,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/236\/revisions\/238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/media\/237"}],"wp:attachment":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}