Wednesday, March 5, 2014

Moody’s Downgrades Rahmaland, Lowest Of Any Major City Except Detroit

Moody’s Investors Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities, reports AP.

The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.

Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue and other budgetary adjustments are adopted soon and are sustained for years to come.

The lower rating means the city will have to pay high interest rates.


  1. Shrinking orbits are excellent.
    Now if we can inform TPTB that Israel is not the center of the universe all will be better.

    1. I guess you are the center of the universe. Nice anti-semitic comment on a story about Chicago's woes. Your psychopathology must go deep.

  2. Not to worry, Rahm has a plan. Turns out the air is filled with flying lead, and all he has to do is melt it down and sell it to the Chinese. Unfunded pensions saved.

    [and you thought he was just another scumbag politician...]