In July of 2015, the City of Chicago, Illinois sold $393,060,000 in long-term General Obligation (GO) taxable bonds at a 7.75% interest and $189,560,000 in long-term GO tax-exempt bonds at 5.5%. At the time of those sales, Chicago carried a BBB+ (negative outlook) bond rating from Standard & Poor's (S&P) as well as Fitch, and an A- (stable outlook) rating from Kroll Bond Rating Agency (KBRA). The Federal Reserve reported that long-term tax-exempt General Obligation State an