S&P, slated to rate upcoming Chicago bond sale, goes comparatively easy on downgrade. Hmmm. – WP Original

By: Mark Glennon*   S&P yesterday downgraded Chicago’s general obligation bonds to A- from A+, which the agency said was three notches above “junk” level. That’s comparatively mild since, on Tuesday, Moody’s Investors Service on Tuesday pushed Chicago’s credit rating into its “junk” category.   Chicago plans to price offerings of $201 million and $182 million on May 19, as reported yesterday by Bloomberg.   And guess who is one of the two agencies slated to rate the new offering, hired by the city? S&P.   You take it from here. What a system.   We’ve been saying that, when

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