May 14, 2015 / 10:52 PM / 3 years ago

S&P downgrades Chicago GO bonds to A- from A+

NEW YORK, May 14 (Reuters) - S&P credit rating agency on Thursday downgraded Chicago’s general obligation bonds to A- from A+, which the agency said was three notches above “junk” level, citing the financial challenges the city is facing.

The agency said it expects the city will address its liquidity pressures, “whether through full re-negotiations or through utilizing its own internal liquidity”.

Moody’s Investors Service on Tuesday pushed Chicago’s credit rating into its “junk” category, potentially triggering $2.2 billion in accelerated debt payment and increasing the fiscal challenges facing the nation’s third-largest city. (Reporting by Megan Davies; Editing by Chris Reese)

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