$400M Property Tax Increase Could Save CPS Finances: Moody’sA property tax increase of that size, through, would weaken the city’s “political and practical ability” to increase taxes to fund pensions and other city services, Moody’s said.
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.
Moody's Downgrades Chicago Credit Rating To 'Junk' Bond StatusCiting the city's underfunded pension crisis, Moody's Investors Service downgraded Chicago's debt to junk bond status.
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.
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.
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.
Moody's Downgrades Illinois' Credit Outlook To NegativeMoody’s Investor Services has downgraded the state’s credit outlook from stable to negative.
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.
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.
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.
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.