One day after the city of Chicago took a big hit to its credit rating, a leading bond-rating agency downgraded the Chicago Public Schools debt to “junk” status.
Ralph Martire, director of the Center for Tax and Budget Accountability, said the latest downgrade to junk bond status will cost the city an additional $200 million to $300 million, on top of its existing budget deficit and employee pension fund shortfalls.
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.
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.
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.
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.
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.
A Northwest Indiana couple says the I-Pass in their rental car wrecked their credit rating and now they’re suing.
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.
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.
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.
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.
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.
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.
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.