Rahm's Chicago! de Blasio's New York?:"'Chicago, the third-most-populous U.S. city, had its credit rating lowered three steps on more than $8 billion of debt by Fitch Ratings, which cited the city’s growing unfunded pension liability.
Fitch cut the rating on $8 billion of Chicago’s general- obligation bonds to A-minus from AA-minus, the New York-based company said late Friday in a statement. It also took the same action on $500 million of debt backed by the Windy City’s sales taxes.
It’s the second three-step rating cut for Chicago since July, when Moody’s Investors Service lowered its grade to A3, the fourth-lowest investment-quality category, citing pension burdens and the costs of crime.
Mayor Rahm Emanuel, a 53-year-old Democrat, has proposed raising the city’s cigarette sales tax by 75 cents a pack to help close a deficit of $339 million.' "
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