Tag: Moody's Investor Service

More bad news for Chicago: Financing O'Hare Airport expansion is sketchy

Crain’s Chicago Business reports: A ratings agency is warning about the financial risks that await O’Hare International Airport if it moves further ahead with a roughly $8.5 billion rebuild and expansion of terminals while the airline industry is reeling from a global pandemic. Moody’s Investors Service yesterday gave a negative outlook on O’Hare debt, warning... Read more »

Wait. What? Illinois' unfunded pension obligation is >$200 billion, NOT $140 billion?

This hasn’t received much attention, but it’s big, important news that Illinois’ unfunded government pensions amount to at least $200 billion, instead of the $140 billion that’s usually cited. I say “at least” because the $200 billion figure calculated by Moody’s Investors Service is for 2016, about two years old. What it amounts to now is... Read more »

The Chicago Way: City knifes Moody's for junk bond rating

That’ll teach Moody’s Investment Services to downgrade Chicago’s bonds to junk level. Mayor Rahm Emanuel’s administration decided not to hire Moody’s to rate the city’s latest, $800-million general obligation bond issue. Instead, it is giving the lucrative business to Moody’s investors–Standard & Poor’s Ratings Services, Fitch Ratings and Kroll Bond Rating Agency Inc., reports the... Read more »
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Understanding Chicago’s approaching financial ruin

Explaining how Chicago came to teeter on the edge of inevitable financial ruin when its ability to borrow runs out and creditors start calling in their loans to the city is a complex story. But a friend gave me a link to an article that he described as “the best and bluntest overall assessment I’ve... Read more »
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