Moody's Investors Service has downgraded to Aa3 from Aa2 the rating on the City of Chicago's (IL) $577.3 million of outstanding sales tax debt. The outlook has been revised to negative. The rating was placed under review for possible downgrade on April 5, 2012, in conjunction with the publication of a new rating methodology for U.S. municipal bonds backed by special tax revenues, "U.S. Special Tax Methodology."

 

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