CPS bond rating drops again, possible penalties

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Chicago -- CPS is facing more than $200 million in penalties, after its bond rating was dramatically dropped again.

The triple downgrade by Fitch Ratings Friday puts the school system at one notch above junk status.

That's the same rating Moody's Investors Service gave the district earlier this month.

CPS issued a statement renewing Mayor Emanuel's call for changes to teacher pensions, which are expected to cost the district nearly $700 million next year.

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