Press Detail

City Hall’s financial time bomb

Posted on June 19, 2014

Chicago Sun-Times

This article discusses interest rate swaps made by Chicago that require the City to maintain a credit rating of at least Baa1, or financial institutions can terminate deals and demand payment. Chicago’s credit rating sits at Baa1 after a series of downgrades in the past year. The Civic Federation said the swaps were entered into at a time when it seemed unlikely the City’s credit rating could fall so low.