Wall Street rating agency weighs in on Chicago pension reform

June 4, 2014 5:02 PM

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Wall Street rating agency weighs in on Chicago pension reform

Even if Gov. Pat Quinn vetoes a Chicago pension reform bill, there’s nothing stopping Mayor Rahm Emanuel from raising the city’s contribution to two pension funds, either by cutting spending or raising property taxes, telephone fees or some other tax, according to a Wall Street ratings agency.

Moody’s Investors Service has already dropped Chicago’s bond rating by four notches in eight months — to just three levels above junk status.

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