Third Agency Rates CPS Bonds As 'Junk'The move by Standard & Poor’s Ratings Services followed similarly grim statements issued recently by the other two major agencies, Fitch Ratings and Moody’s Investors Services, the Chicago Sun-Times is reporting.
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.
Mayor Emanuel Reveals Plans For Tackling City's DebtWith the city’s bond rating just a couple levels above junk status, Mayor Emanuel told the Civic Federation he is ending or phasing out some of the city’s more questionable borrowing practices.
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.
Retired City Workers Sue To Keep Health Care SubsidyChicago’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.
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.
Madigan Joins Suit Over S&P Mortgage Bond RatingsIllinois 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.
State Dinged By Bond-Rating Agency Over Pension DebtStandard & Poor's said Friday that the rating on the state's general obligation bonds was downgraded to A- from A.
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.
Chicago Public Schools' Bond Rating Downgraded AgainOne of the nation’s bond rating agencies is out with another warning about the Chicago Public Schools system’s financial future.
Topinka: Taxpayers Should Be Worried About Credit Downgrade For IllinoisIllinois Comptroller Judy Baar Topinka says people should be very fearful about the downgrading of the state’s bond rating by Standard & Poor's.
Moody’s Lowers Bond Rating For O’Hare Expansion BorrowingMayor 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.
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.
Governor, Legislative Leaders Still Divided On Pension ReformGov. 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.