CPS' bond rating is lowered, raising costs for troubled school district

The Chicago Tribune reports:

Moody's Investors Service on Tuesday downgraded Chicago Public Schools'bond rating after the cash-strapped district proposed a budget that would deplete its financial reserves.

Moody's lowered its outlook for the district from stable to negative, citing its $5.9 billion in general obligation bond debt. The agency's lowered rating means it will cost more for the CPS to issue bonds.

Great moments in public education. It appears, Rahm Emanuel has no real plans to reform Chicago's corrupt public education system.