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.
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.
Standard & Poor’s said Friday that the rating on the state’s general obligation bonds was downgraded to A- from A.
Chicago Treasurer Stephanie Neely is trying to reassure residents that the nation’s downgraded credit will not harm city finances.
All signs point to another rough day in the financial markets Monday morning, on the first day of trading since the historic U.S. credit downgrade.