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Standard & Poor's upgrades Chicago financial outlook to 'stable'

from Chicago Sun-Times

Standard & Poor’s on Friday affirmed Chicago’s bond rating at three levels above “junk” status, but changed the city’s financial outlook from “negative” to “stable,” thanks to Mayor Rahm Emanuel’s plan to slap a 29.5 percent tax on water and sewer bills to save the largest of four city employee pension funds. “The city is gradually moving in the right direction toward stabilizing its budget and its pension plan contributions,” the S&P report states. more


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