CBS 2 Chicago wbbm7801059 670 The Score

Bond Rating

City Hall

Standard & Poor’s Lowers City’s Outlook To ‘Negative’

Standard & Poor’s cited Chicago’s $19.4 billion pension crisis, the city’s mountain of debt, and its historic “reluctance to adjust taxes” despite its sweeping home-rule powers and diverse economy.

09/17/2013

City Hall

Retired City Workers Sue To Keep Health Care Subsidy

Chicago’s 30,000 retired city employees are trying to stop Mayor Rahm Emanuel from phasing out the city’s 55 percent subsidy for retiree health care and foisting Obamacare on them.

07/26/2013

City Hall

Civic Federation: City’s Credit Rating Hit ‘Extraordinary’

The head of a budget watchdog group said a major of the Chicago’s credit rating on Thursday was no surprise, but is very troubling for residents.

07/19/2013

Gov. Pat Quinn presents his annual budget address to the Illinois General Assembly on March 6, 2013, in Springfield. (Credit: CBS)

Governor Calls Special Session On Pensions After Another Credit Downgrade

Gov. Pat Quinn has called for a special session of the Illinois General Assembly in two weeks, after the state’s credit rating was downgraded again over lawmakers’ failure to approve comprehensive pension reforms.

06/06/2013

A sign for Standard & Poor's rating agency stands in front of the company headquarters in New York. (Photo credit: EMMANUEL DUNAND/AFP/GettyImages)

Madigan Joins Suit Over S&P Mortgage Bond Ratings

Illinois Attorney General Lisa Madigan has joined the federal government and 13 other attorneys general in suing for changes in the way Standard & Poor’s rates mortgage bonds.

WBBM Newsradio–02/05/2013

Illinois State Seal

State Dinged By Bond-Rating Agency Over Pension Debt

Standard & Poor’s said Friday that the rating on the state’s general obligation bonds was downgraded to A- from A.

01/25/2013

Gov. Pat Quinn (Credit: CBS)

Quinn: ‘High Noon’ Coming For State’s Pension Mess

Gov. Pat Quinn says, when state lawmakers go back to Springfield for their final session before the new legislature takes over, addressing the pension mess has to be their top priority.

CBS Chicago–12/28/2012

Chicago Public Schools

Chicago Public Schools’ Bond Rating Downgraded Again

One of the nation’s bond rating agencies is out with another warning about the Chicago Public Schools system’s financial future.

CBS Chicago–09/28/2012

Judy Baar Topinka (Photo From Judy Baar Topinka Website)

Topinka: Taxpayers Should Be Worried About Credit Downgrade For Illinois

Illinois Comptroller Judy Baar Topinka says people should be very fearful about the downgrading of the state’s bond rating by Standard & Poor’s.

08/30/2012

(Photo: O'Hare Airport Guide) credit: Pilar Clark

Moody’s Lowers Bond Rating For O’Hare Expansion Borrowing

Mayor Rahm Emanuel’s administration on Friday took its second hit in one week from a Wall Street rating agency when Moody’s Investors Service dropped the bond rating on billions of dollars in O’Hare Airport bonds about to go to market.

07/21/2012

Chicago Public Schools

CPS Bond Rating Downgraded; Union Calls Reserve Fund Raid A ‘Stunt’

On the same day Moody’s Investors Service downgraded the Chicago Public Schools’ bond rating, the Chicago Teachers Union slammed the district’s plan to raid its reserve funds to balance the budget as a stunt designed to turn the public against teachers.

CBS Chicago–07/11/2012

James R. Thompson Center

Governor, Legislative Leaders Still Divided On Pension Reform

Gov. Pat Quinn and the state’s four legislative leaders remained split on how to fix the state’s severely underfunded public pension systems, though the governor did signal a shift in philosophy regarding teacher pensions.

CBS Chicago–06/06/2012

Illinois State Capitol in Springfield

Moody’s Gives Illinois Worst Credit Rating In Nation

Moody’s lowered Illinois’ rating Friday by another notch, to A2. No other state has such a low rating from Moody’s.

01/06/2012

United Airlines at O'Hare (ORD) Airport

Report: O’Hare Expansion Bonds Downgraded

A published report indicates that the O’Hare expansion project might be hurting the city’s financial standing.

CBS Chicago–01/11/2011