Moody's downgraded Chicago's credit rating down to junk level "Ba1" from "Baa2."
The announcement, which the ratings agency
released Tuesday afternoon, cited a recent Illinois court ruling voiding
state pension reforms. Moody's said it saw a negative outlook for the
city's credit.
Following that May court decision, Moody's said
it believes that "the city's options for curbing growth in its own
unfunded pension liabilities have narrowed considerably."
http://www.cnbc.com/id/102650351
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