Fitch upgrades Illinois Sports Facilities Authority to investment grade

Fitch Ratings has raised the Illinois Sports Facilities Authority’s bonds to investment grade, bumping the authority’s rating two notches to BBB from BB-plus, with a rating outlook of stable. 

The ISFA issued bonds for Guaranteed Rate Field, home of the Major League Baseball Chicago White Sox, and Soldier Field, home, at least for now, of the NFL Chicago Bears. It had about $416 million of debt outstanding as of this fall, mostly from the Soldier Field renovation in 2003. 

Wednesday’s upgrade follows in the suburbs, or perhaps next to Soldier Field, and there have been published reports that the White Sox want a new stadium — either in the area or out of state — when their lease ends later in the decade.