CPS credit rating downgraded to “junk”

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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.


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