CHICAGO – The Metropolitan Water Reclamation District of Greater Chicago lost its Aaa rating from Moody’s Investors Service Tuesday over its growing unfunded pension burden, the latest in a series of downgrades to hit Chicago area governments all tangled in a pension quagmire.

Moody’s lowered the district’s rating to Aa1 but warned of the potential for further deterioration by assigning a negative outlook. The action impacts $2.6 billion of general obligation bonds.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.