City of Rockford Bond Rating Downgraded

By: WIFR Newsroom
By: WIFR Newsroom

About the Moody’s Rating System:

The Moody’s system of rating securities was originated by John Moody in 1909. The purpose of Moody's ratings is to provide investors with a simple system of gradation by which future relative creditworthiness of securities may be gauged.

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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