CHICAGO (AP) — Chicago's credit rating has been downgraded to one step above junk grade by Fitch Ratings after the Illinois Supreme Court struck down Mayor Rahm Emanuel's reform plan for two city pensions.
Fitch lowered Chicago's rating from BBB+ to BBB- on Monday, increasing the cost of borrowing.
Fitch said it believes Thursday's ruling "was among the worst of the possible outcomes for the city's credit quality" and made clear the city's "responsibility to fund the promised pension benefits."
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5 comments:
They brought this upon themselves, the Dems did. Bloated budgets, crony hiring and local gov't job creation with ridiculous salaries and eternal benefits, immense indiscriminate social programs and ignoring infrastructure for decades all had a part.
They deserve it . Rom is a idiot . Not even a useful one at that
Never let a crisis go to waste.
Still higher than the "'bury"
So sorry.
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