CHICAGO – Chicago Mayor Rahm Emanuel’s administration said the state inaction on pension reform caused Fitch Ratings to put the city’s ratings on negative watch.

Fitch took the action Wednesday on the city’s AA-minus ratings, attributing it to growing concern over the near- and long-term risks of the city’s unfunded liabilities that overshadow other improvements in the city’s credit profile such as moving its budget closer to structural balance.

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