BLOOMBERG -- Cook County, home to Chicago, had the rating on $3.7 billion of general-obligation bonds cut one level to A1 by Moodys Investors Service because it faces formidable hurdles in fixing its pension system.
The county of 5.2 million, the second-most-populous in the U.S., is the latest issuer in Illinois to have its rating cut by Moodys. The rating company reduced the states rank in June to A3, and last month dropped Chicagos grade three steps to A3. The outlook on all three is negative.
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