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Chicago's Bond Rating Takes Another Hit

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Financial analysts at one Wall Street rating agency last week dropped the Chicago school district's credit rating again, less than a week before the district was expected to sell hundreds of millions of dollars in long-term bonds.

Standard & Poor's pushed the school system's bond rating one notch deeper into junk territory—to the agency's B grade—and said the decision was based on what are by now familiar financial concerns.

Those include the district's reliance on short-term borrowing to cover daily expenses, plus $55 million in costs added to this year's budget by the recent Chicago Teachers Union pact.

Vol. 36, Issue 13, Page 5

Published in Print: November 16, 2016, as Chicago's Bond Rating Takes Another Hit
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