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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
Heck of a job Rahmmy
()
Date: March 05, 2014 11:38AM
Moody’s Downgrades Chicago’s Credit Rating, Lowest Of Any Major City Except Detroit
March 4, 2014 6:08 PM
CHICAGO (CBS/AP) — Moody’s Investors Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.
The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.
Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue and other budgetary adjustments are adopted soon and are sustained for years to come.
The lower rating means the city will have to pay high interest rates.
Moody’s says a commitment to increasing tax revenue is one thing that could raise the rating. Chicago now has the worst credit rating of any major city except Detroit.
March 4, 2014 6:08 PM
CHICAGO (CBS/AP) — Moody’s Investors Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.
The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.
Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue and other budgetary adjustments are adopted soon and are sustained for years to come.
The lower rating means the city will have to pay high interest rates.
Moody’s says a commitment to increasing tax revenue is one thing that could raise the rating. Chicago now has the worst credit rating of any major city except Detroit.
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
WingNut
()
Date: March 05, 2014 11:48AM
That's a surprise!
I thought O'Dingle Barrys fixed that place up pretty well when he was a community organizer.
Attachments:
I thought O'Dingle Barrys fixed that place up pretty well when he was a community organizer.
Attachments:
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
liberalslovefailure
()
Date: March 05, 2014 12:57PM
Chicago is the liberal dream for America.
Attachments:
Attachments:
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
liberal69licker
()
Date: March 05, 2014 02:00PM
One of the biggest fuckups for the left is that they endlessly kowtow to unions to no end. It's great and all that they are both in bed together endlessly licking each others taints. But eventually the shit hits the fan. The pensions that were promised to satisfy endless and unrealistic union demands are ultimately unsustainable. Everyone eventually gets fucked.
And most ironic of all, the left won't admit this. They will never own up to the problem. In fact like the toddlers that they are they will find some way to blame it on the evil republicans.
And most ironic of all, the left won't admit this. They will never own up to the problem. In fact like the toddlers that they are they will find some way to blame it on the evil republicans.
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
imbiker
()
Date: March 05, 2014 02:43PM
..
Attachments:
Attachments:
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
Stabitha
()
Date: March 05, 2014 03:24PM
Chicago is following the "Detroit" model. City full of takers, leeches, criminals and crooks. . The money runs out eventually.
Step right up to the bankruptcy window Windy City!
Step right up to the bankruptcy window Windy City!
Re: Chicago’s Credit Rating Downgraded. Lowest Of Any Major City Except Detroit.
Posted by:
Creepers gonna creep
()
Date: March 05, 2014 05:02PM
liberal69licker Wrote:
-------------------------------------------------------
> One of the biggest fuckups for the left is that
> they endlessly kowtow to unions to no end. It's
> great and all that they are both in bed together
> endlessly licking each others taints. But
> eventually the shit hits the fan. The pensions
> that were promised to satisfy endless and
> unrealistic union demands are ultimately
> unsustainable. Everyone eventually gets fucked.
>
> And most ironic of all, the left won't admit this.
> They will never own up to the problem. In fact
> like the toddlers that they are they will find
> some way to blame it on the evil republicans.
And the problem is that they'll fuck up everything along the way. To them we're just collateral damage.
-------------------------------------------------------
> One of the biggest fuckups for the left is that
> they endlessly kowtow to unions to no end. It's
> great and all that they are both in bed together
> endlessly licking each others taints. But
> eventually the shit hits the fan. The pensions
> that were promised to satisfy endless and
> unrealistic union demands are ultimately
> unsustainable. Everyone eventually gets fucked.
>
> And most ironic of all, the left won't admit this.
> They will never own up to the problem. In fact
> like the toddlers that they are they will find
> some way to blame it on the evil republicans.
And the problem is that they'll fuck up everything along the way. To them we're just collateral damage.