‘Financial hurricane’ hits Chicago’s bond rating

The Chicago Sun-Times reports:

The financial day of reckoning for Chicago that Mayor Rahm Emanuel has been warning of finally came Thursday when a Wall Street rating agency ordered a “triple downgrade” of Chicago’s all-important bond rating. Moody’s Investors dropped the city’s bond rating from Aa3 to A3, citing Chicago’s “very large and growing” pension liabilities, high-fixed costs, “unrelenting public safety demands” and “significant” debt load.

The great moments of one party rule.