BLOOMBERG -- Cook County, home to Chicago, had the rating on $3.7 billion of general-obligation bonds cut one level to A1 by Moody’s 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 Moody’s. The rating company reduced the state’s rank in June to A3, and last month dropped Chicago’s grade three steps to A3. The outlook on all three is negative.

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