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Some Chicago bonds trade at record low after second downgrade
May 15, 2015 / 3:46 PM / 2 years ago

Some Chicago bonds trade at record low after second downgrade

May 15 (Reuters) - A block of Chicago general obligation school construction bonds traded at an all-time low on Friday, a day after the city’s credit rating was cut for a second time this week.

A customer sold $1 million of the bonds, maturing in 2023 with a 5 percent coupon, for 99.05 cents on the dollar, down from trades of 108.031 the last time the bonds moved in October.

Standard & Poor’s Ratings Service dropped the city’s rating two notches to A-minus on Thursday, two days after Moody’s Investors Service cut it to junk.

Reporting by Hilary Russ

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