City of Rockford Bond Rating Downgraded

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ROCKFORD (WIFR) -- The City of Rockford's bond rating from Moody's has been downgraded a category, from Aa3 to A1.

The report credits the drop to underfunded pensions and lack of home rule powers. Mayor Larry Morrissey says state lawmakers are causing the problem by setting unreasonable benefit levels and forcing cities to pay up.

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