The city of Chicago can’t get a big bond rating company to go along with a plan to push paying on their police and fire pensions out over the coming decades.
The House and Senate provided their first veto override of Governor Bruce Rauner on the issue at the end of the spring session.
Moody’s Investors Service said the plan would increase city debt by $3.3 billion over the next 20 years.
Moody’s already considers Chicago’s bond status as “junk” but they went ahead and called the plan a “credit negative.”