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Thread: Bond-Rating Agency Downgrades Chicago Public Schools Debt

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    Bond-Rating Agency Downgrades Chicago Public Schools Debt

    A leading bond-rating agency has downgraded the Chicago Board of Education's debt in the wake of the settlement of the Chicago Teacher's Union's recent strike.

    Moody's Investor Service had already downgraded the Chicago Public Schools' bond rating outlook to "negative" from stable in July. On Thursday, the rating agency cited its "view that the district will be hard-pressed to make the budget adjustments necessary to close an estimated $1 billion budget gap for fiscal 2014," in downgrading $6.4 billion in outstanding bond debt.

    A ratings downgrade increases the cost of borrowing for a government agency.

    The schools' downgrade to an A2 rating "reflects a weakened financial profile" born of depletion of reserves, a coming jump in pension payments after three years in which state law was changed to reduce the payments temporarily, slow payment of state money--and the recent strike, Moody's said in a release.

    "If progress is not made toward improving the financial condition and liquidity of district operating funds, or if challenges arise in making the required pension contributions, the district's general obligation credit quality will be impaired," according to the release.

    Strikes by other unions, more delays in state funding or "unmanageable" increases in pension costs could result in further ratings downgrades, Moody's warned.
    Bond-rating agency downgrades CPS debt - Chicago Tribune

    illinois, led by cook county, is fast becoming the next california which is the next greece

    moodys downgraded the state in january

    Moody's Downgrades Illinois Credit Rating To Worst In Nation | Progress Illinois

    so speaker madigan, on behalf of his bosses, killed pension reform---then deposited TWO hundred thousand dollar checks from the slavemasters at the seiu

    Madigan reports $100,000 more from union with members opposed to pension reform - Sun-Times

    governor quinn raised income taxes 67% in 2011

    Illinois Lawmakers Approve 66% Tax Hike CBS Chicago

    mayor rahm won his highly anticipated carrot-and-stick wellness program---participate or pay

    Shape Up or Pay Up: Emanuel | NBC Chicago

    one of the first clinics set up by the meddling mayor and his know-it-all nannies was in a garbage truck garage

    City Workers Appalled At Wellness Clinic Set Up In Garbage Truck Garage | Chicago Chronicle

    he doesn't like chicken sandwiches

    Emanuel goes after Chick-fil-A - Sun-Times

    but he loves calypso louis, jew hater

    Rahm welcomes help from Farrakahn, ignores anti-Semitic remarks - Sun-Times

    cps is submerged under a "wave of violence" which sees several chicago public school kids killing several chicago public school kids each month

    Rahm Emanuel Mourns 260 Chicago Children Killed By Violence - HuffPo

    but the out-of-control gang violence goes back well before rahm the ram

    AFP: Crime wave leaves dozens dead in Chicago

    which only makes barack obama's promotion of crony arne duncan from ceo of cps to cabinet level ed secty all the more inexplicable and bizarre

    so obama is pushing as his top priority (he led his opening statement in the doleful debate with the call) the increased investment in education

    which to barack obama only means greater investment in teachers unions

    last tuesday: Arne Duncan: 'Everybody won' in Chicago teacher strike | The Daily Caller

    everybody?

    not rahm the ram who got his horns twisted off by the kindergarten, art and pe teachers

    not the kids who can't even get to and from class safely

    not the taxpayers, ask moodys

    obama's cabinet's view of "everyone" adds up to an awful lot less than 47%

    the windy city, city of big shoulders, has been satisfied with about as much one party rule as we're gonna see this side of leningrad, 1917

    its citizens are responsible for the consequences

    jesse jackson, jr, announced he's running in november to keep his seat

    say hi to him---if you see him
    Last edited by The Prof; 10-07-12 at 02:46 PM.

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Isn't this the Community Barrack Obama organized?

    What could possibly have gone wrong?

    But, come to think of it, the US credit rating was downgraded a couple of times under his watch as well.

    Perhaps he should choose much smaller communities to organize.

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Grant View Post
    Isn't this the Community Barrack Obama organized?

    What could possibly have gone wrong?

    But, come to think of it, the US credit rating was downgraded a couple of times under his watch as well.

    Perhaps he should choose much smaller communities to organize.
    Yes Obama's community organizer work in the late 80s is totally related to this.

    Totally.

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Wiseone View Post
    Yes Obama's community organizer work in the late 80s is totally related to this.

    Totally.
    Your point is well made.

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Grant View Post
    Your point is well made.
    That was sarcasm, is this the reality you live in?

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Wiseone View Post
    That was sarcasm, is this the reality you live in?
    Oh, it was sarcasm??

    Why didn't you say so?

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Grant View Post
    Oh, it was sarcasm??

    Why didn't you say so?
    Because suggesting that a local community organizer who worked with some Catholic chruchs in the late 80s for three years has anything to do with bond ratings in 2012 should be something instantly recognized as ridiculous and sarcastic.

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Wiseone View Post
    Because suggesting that a local community organizer who worked with some Catholic chruchs in the late 80s for three years has anything to do with bond ratings in 2012 should be something instantly recognized as ridiculous and sarcastic.
    Or, I wasn't familiar with the Community Organizer's work with the Catholic Church.

    He got them organized as well, did he?

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Grant View Post
    Or, I wasn't familiar with the Community Organizer's work with the Catholic Church.

    He got them organized as well, did he?
    Are you serious? Seriously? Is this really happening?

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    Re: Bond-Rating Agency Downgrades Chicago Public Schools Debt

    Quote Originally Posted by Wiseone View Post
    Are you serious? Seriously? Is this really happening?
    Seems like you were out-sarcasmed.

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