Moody's drops Chicago's bond rating another notch - to two levels above junk status

Chicago's plummeting bond rating took center stage in the race for mayor Friday after a Wall Street rating agency dropped it another notch - to two levels above junk status - citing Chicago's $20 billion pension crisis. The decision by Moody's Investors Service to drop Chicago's rating for a fifth time under Mayor Rahm Emanuel - from Baa1 to Baa2 - may cost the City of Chicago tens of millions of dollars, the Sun-Times is reporting.

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