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Chicago sees fiscal doomsday if court suspends pension changes

February 6, 2015 2:42 AM
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CHICAGO (Reuters) - A temporary suspension of cost-saving changes to two of Chicago public pensions funds risks credit rating downgrades that could cost millions of dollars, the city's chief financial officer said on Thursday.

Chief Financial Officer Lois Scott testified in Cook County Circuit Court that all three major credit ratings agencies have negative outlooks on Chicago's ratings, largely due to a big unfunded pension liability that a 2014 Illinois law aims to ease for the city's municipal and laborers' funds.

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