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Moody’s Downgrades Chicago’s Credit Rating, Lowest Of Any Major City Except Detroit

CHICAGO (CBS/AP) — Moody’s Investors Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.

The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.

Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”

http://chicago.cbslocal.com/2014/03/04/moodys-downgrades-chi...



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