on March 31, 2016 in World News
Chicago Debt Downgraded to Near ‘Junk Bonds’
by Chriss W. Street Fitch Ratings downgraded the City of Chicago’s credit rating to just one step above “junk bonds” on March 28. Fitch stated that last week’s Illinois Supreme Court decision voiding a law aimed at boosting funding for two of the city’s pension funds was “among the worst of the possible outcomes for the city’s credit quality.” The agency’s credit analysts warned that the rating could be downgraded further in the absence of “a realistic plan that puts the pension funds on an affordable path toward solvency.” Chicago’s debt rating was slashed two-notches to BBB-minus, which is just one step… View Article
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