Chicago Still Has Time to Embrace Pension Reform, Moody’s Says

  • Unfunded pensions, debt equate to nine times operating revenue
  • Downgrade is more likely than upgrade for city, Richman Says

Chicago still has time to fix its pension problem, but if the junk-rated city wants to improve to investment grade, it must reverse the direction of its mounting retirement debt, according to Naomi Richman, a managing director at Moody’s Investors Service.

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