Published Online: May 19, 2015
Published in Print: May 20, 2015, as Chicago District's Debt Downgraded to Junk Status

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Chicago District's Debt Downgraded to Junk Status

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The Chicago school district's debt was downgraded to junk status last week by Moody's Investors Services, one day after the ratings agency did the same for the city's bond rating.

The downgrade means the district may face higher borrowing costs.

Moody's action is the latest fallout for the city and the district after the Illinois Supreme Court struck down changes in state law that had sought to reduce benefits under the pension system for public employees.

Vol. 34, Issue 31, Page 4

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