CPS credit rating downgraded to “junk”

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

CHICAGO -- Chicago Public Schools have been dealt another blow to its credit rating.

Standard & Poor's downgraded the system's credit rating to "junk" status.

Two other major agencies, Fitch Ratings and Moody’s Investors Services, already lowered their ratings for CPS.

S&P points to CPS' huge debt, dwindling cash reserves, and its decision to borrow more than $1 billion by selling bonds as reasons for the downgrade.