Moody’s Investors Service has downgraded both the Chicago Board of Education debt and the Chicago Parks District debt to junk status. Both issuers were cut three notches. The Board of Education to Ba3 from Baa3 and the Park District to Ba1 from Baa1.
Moody’s cited similar concerns to those facing the City, high debt level, unfunded pension liabilities and limited flexibility in day-to-day operations.
Moody’s Chicago Parks District announcement