The local governments with the highest adjusted net pension liability as a percentage of operating revenue for FY 2015 are Chicago (Ba1 negative) at 719%, Dallas (Aa3 negative) at 549%, Phoenix (Aa1 negative) at 434%, Houston (Aa3 negative) at 414%, and Los Angeles (Aa2 stable) at 407%.

Comment: It’s true for the state, too, where pension liability vastly exceeds other debt.