Following City, Chicago Public Schools Credit Rating Junked 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.
Budget Watchdog: City's Junk Bond Status Could Cost Up To $300 MillionRalph 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.
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.
Governor Calls Special Session On Pensions After Another Credit DowngradeGov. 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 Downgrades Illinois Credit RatingFitch 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.
Cullerton Hopes Latest Hit To State's Credit Rating Prompts Pension Reform VoteIllinois 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.
Quinn: 'High Noon' Coming For State's Pension MessGov. 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.
Couple Sues, Claims Bad I-Pass Ruined Credit RatingA Northwest Indiana couple says the I-Pass in their rental car wrecked their credit rating and now they're suing.
In Video, Kirk Urges Action On Illinois Credit RatingSen. 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' Poor Credit Rating Lowered AgainIllinois, 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.
Pension Chaos A 'Negative' For Illinois Credit RatingIllinois 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.
Riverdale Mayor Hardly Excited About Church Replacing Vacant LotSouth 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.