Sweet Home Chicago?

Moodys' cut the credit rating on Chicago's debt to Baa2, two steps above junk status. The city's debt still has a negative outlook, meaning that another rating drop could happen in the future. The rating cut was caused in large part by the city's underfunded public pension plan. Only Detroit has a lower credit rating than Chicago among the largest U.S. cities, and Illinois is lowest credit rated state. S&P and Fitch maintained their credit rating on Chicago.