Chicago Slapped With Credit Downgrade; Moody’s Cites Pension Liabilities As City Flirts With Junk Status

Credit rating agency Moody’s hit Chicago with a credit downgrade on Friday, cutting the city’s rating to Baa2 – two steps above junk bond status. Notably, Moody’s indicated that the city could face future downgrades even if its 2014 pension reforms withstand legal challenges. Pension360 has covered the city’s ballooning pension payments, ...

Texas Pension Official: Liabilities Could Hurt State Credit Rating Sooner Than Later

Texas budget analysts and pension officials are attempting to draw lawmakers’ attention to the unfunded liabilities of the Employee Retirement System of Texas. The analysts and the director of the pension system say the liabilities, if left unaddressed, could lead to a credit downgrade for the state. From the Austin American-Statesman: At a legislative ...

New Jersey, facing pension crisis, slapped with credit downgrade

Standard & Poors downgraded New Jersey’s credit rating today, and—surprise, surprise—the state’s pension funds were a major factor. S&P downgraded New Jersey’s credit rating one notch. It has gone from what S&P considers a “high grade” (A+) to a “medium grade” (AA-). The downgrade comes despite efforts by lawmakers, including ...
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