CHICAGO — The Chicago Transit Authority early next month will restructure about $100 million of its federal capital grant-backed bonds. The agency will avoid principal payments this year and next in order to accelerate capital spending and provide an operating cushion in case fiscal pressures mount.

The action — viewed by rating agencies as a deficit financing and a sign of fiscal stress — will save the CTA $43.5 million in debt-service costs this year and another $41.3 million next year.

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