chicagotribune.com / By Heather Gillers and Hal Dardick / February 27th, 2015
As Chicago heads into a mayoral runoff, a downgrade of the city’s debt rating is bringing its precarious financial condition into sharp focus.Citing an overwhelming pension burden, Moody’s Investors Service on Friday dropped Chicago’s rating to Baa2, two notches above “junk” status. […]
zerohedge.com / by Tyler Durden on 09/26/2014 12:07
“Despite the robust investment returns since 2004, annual growth in unfunded pension liabilities has outstripped these returns,” Moody’s warns in its latest report on the state of public pension systems. As Bloomberg reports, the 25 biggest systems by assets averaged a 7.45% return from 2004 to […]
chicago.cbslocal.com / 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 […]