CHICAGO – Fitch Ratings late Friday socked Chicago’s general obligation rating with a triple-notch downgrade over its mounting pension woes and lack of a solution to date.

Fitch dropped the city’s GO ratings on $8 billion of unlimited tax debt to A-minus from AA-minus. Nearly $500 million of sales tax bonds also sunk three notches to A-minus from AA-minus, and $200 million of commercial paper notes were lowered to BBB-plus from A-plus.

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