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Bond rater says pension liabilities could downgrade Chicago's debt


Geoff

Geoff Dougherty

April 26, 2012 @ 10:18 AM

A key bond-rating agency is expressing some doubt about the City of Chicago's debt, noting that the city faces "persistent economic challenges" and an underfunded pension system.

Moody’s Investors Service maintained its Aa3 rating on Chicago's debt, but says that rating is no longer stable. “Should the pension pressures continue to escalate absent a specific plan of reform, the city’s credit quality will likely weaken,” Moody's says, according to Bloomberg

 

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