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Public Pension Funds Face $2 Trillion Shortfall, Moodys Warns

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 [...]

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

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 [...]