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International Business Machines Corporation Message Board

  • buffett_graham buffett_graham Nov 11, 2013 1:32 PM Flag

    Fitch Ratings cut Chicago's bond ratings ,,,, Washington????

    Fitch Ratings cut Chicago's bond ratings on Friday, citing the city's sluggish economy and its inability to find a solution to its union pension obligations.
    The credit ratings agency said it downgraded $8 billion in Chicago's unlimited tax general obligation (ULTGO) bonds to A- from AA-. It also cut $497.3 million sales tax bonds to A- from AA-, and downgraded $200 million commercial paper notes, 2002 program series A (tax exempt) and B (taxable) to BBB from A.

    Fitch said its rating outlook on the city's securities is "negative."

    Sentiment: Strong Sell

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