Standard and Poor's has downgraded Chicago’s bond rating. This downgrade is not insignificant as we had spent years trying to improve bond ratings. Just last year, they upgraded Chicago's GO bond rating outlook from Stable to Positive, revised Chicago Midway Airport to A from A- and raised the rating for Chicago’s outstanding senior lien general O'Hare International Airport revenue bonds to A+ from A. As Mayor Johnson and some City Council members demand several tax increases and major borrowing ideas (without actual public plans or oversight) the downgrade will simply cost taxpayers more.
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