Comment on Chicago Credit Downgrade Pushes City Closer To Fiscal Free Fall

Chicago Credit Downgrade Pushes City Closer To Fiscal Free Fall

(Recasts; adds details of financial pressures, comment from watchdog group, trading of bonds) By Karen Pierog CHICAGO, Feb 27 (Reuters) - Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts.

 

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