By: Mark Glennon*   Moody’s says Chicago’s credit is junk bond equivalent, but Fitch and S&P say ‘no.’   Take your pick, but the market now says its junk. One way to look at it is comparison to the two largest corporate junk bond exchange traded funds, HYG and JNK. Both of them are trading with yields under 6%. To make an apples-to-apples comparison, you can skim through current yields on Chicago’s taxable general obligation bonds here at the EMMA site, now usually on their most actively traded list. Most prices have traded down to yields now over 7%. Chicago