Chicago bond rating takes big hit - chicagotribune.com: "Chicago's downgrade means that Moody's thinks it faces stronger financial head winds than most other big cities. Before this week, Chicago's credit rating was only one notch below that of New York and Los Angeles. Now Chicago is four investment grades below those cities and also trails other big and sometimes troubled Midwest cities such as Milwaukee and Cleveland. Chicago has four pension funds for its municipal employees, and as of the end of 2012 the city reported that collectively they were $19 billion short of the amount needed to cover future obligations, Moody's said. But the firm estimated the underfunding could be as high as $36 billion."
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