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Credit Rating

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

Illinois State Capitol in Springfield

Fitch Downgrades Illinois Credit Rating

Fitch Ratings said Monday it would drop the Illinois rating from “A” to “A-” based on lawmakers’ failure to enact a solution to the state’s public-employee pension crisis.

06/03/2013

Illinois State Capitol

Cullerton Hopes Latest Hit To State’s Credit Rating Prompts Pension Reform Vote

Illinois Senate President John Cullerton (D-Chicago) said Monday that the state is only hurting itself by failing to take action to resolve its ballooning pension debt and declining credit rating.

01/28/2013

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

Tollway

Couple Sues, Claims Bad I-Pass Ruined Credit Rating

A Northwest Indiana couple says the I-Pass in their rental car wrecked their credit rating and now they’re suing.

11/01/2012

This is the first photo of Sen. Mark Kirk since he suffered a stroke in January. (Credit: Rehabilitation Institute Of Chicago)

In Video, Kirk Urges Action On Illinois Credit Rating

Sen. Mark Kirk, still recovering from a major stroke, released a video Tuesday that calls for “decisive bipartisan action” to prevent further reductions in Illinois’ credit ratings.

09/18/2012

U.S.currency. (credit: BAY ISMOYO/AFP/Getty Images)

Illinois’ Poor Credit Rating Lowered Again

Illinois, which already has one of the worst-in-the-nation credit ratings, was lowered even further on Wednesday by the Standard & Poor’s rating agency, citing the state’s failure to address its massive pension problems.

08/29/2012

Illinois State Capitol

Pension Chaos A ‘Negative’ For Illinois Credit Rating

Illinois edged closer to having its worst-in-the-nation credit rating lowered even further as a rating agency declared Thursday that failure to address massive pension problems is a “credit negative” for the state.

CBS Chicago–08/23/2012

A Chicago church plans to build a 6,000-seat mega-church on this vacant lot in south suburban Riverdale, but the mayor doesn't like the plan, because the church wouldn't bring any property tax revenue to the cash-strapped village. (Credit: CBS)

Riverdale Mayor Hardly Excited About Church Replacing Vacant Lot

South suburban Riverdale has the unfortunate distinction of having one of the nine worst municipal credit ratings in the nation, so the last thing some city leaders want is a new church that won’t pay any taxes, but that’s exactly what they’re going to get.

CBS Chicago–06/25/2012

Tom Duffy

Traders, Everyday Chicagoans Worried About Markets

A massive selloff on Wall Street Monday after the U.S. credit rating slip made for the worst single-day loss since December 2008. In Chicago, the news was depressing and worrisome.

CBS Chicago–08/09/2011

File Photo (Photo by Chung Sung-Jun/Getty Images)

Debt Ceiling Debate Becoming A Dangerous Game

Republicans and Democrats in Washington remained far apart on a deal to increase the federal debt ceiling and Wall Street is really worried, chalking up the biggest losses in nearly a year.

CBS Chicago–07/27/2011

Montage Of Credit Cards. (AP Graphic)

Your Credit Card: Use It, Or Possibly Lose It

Surprisingly, banks may pull your credit card if you’re paying your bills on time but not using the plastic enough. CBS 2’s Rob Johnson explains.

CBS 2–05/02/2011