Author Topic: Moody's downgrades Chicago's credit rating, lowest of any majlor city except Detroit  (Read 197 times)

0 Members and 1 Guest are viewing this topic.

Offline rangerrebew

  • America defending Veteran
  • TBR Contributor
  • Hero Member
  • *****
  • Posts: 65,681
  • “It’s easier to fool people than to convince them
Moody’s Downgrades Chicago’s Credit Rating, Lowest Of Any Major City Except Detroit

March 4, 2014 6:08 PM


 

 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.”

Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue and other budgetary adjustments are adopted soon and are sustained for years to come.

The lower rating means the city will have to pay high interest rates.

Moody’s says a commitment to increasing tax revenue is one thing that could raise the rating. Chicago now has the worst credit rating of any major city except Detroit.

http://chicago.cbslocal.com/2014/03/04/moodys-downgrades-chicagos-credit-rating-lowest-of-any-major-city-except-detroit/
« Last Edit: March 05, 2014, 04:56:38 AM by rangerrebew »
Abraham Lincoln:

There is no grievance that is a fit object of redress by mob law.
--January 27, 1838 Lyceum Address

Don't interfere with anything in the Constitution. That must be maintained, for it is the only safeguard of our liberties. And not to Democrats alone do I make this appeal, but to all who love these
great and true principles.
--August 27, 1856 Speech at Kalamazoo, Michigan

Let us then turn this government back into the channel in which the framers of the Constitution originally placed it.
--July 10, 1858 Speech at Chicago


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf