Suffredin- Changing County Government  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
  Cook County was created on January 15, 1831 and named after Daniel P. Cook, Member of Congress and the first Attorney from the State of Illinois.
   
     
     
     



Moody's credit downgrade hits Cook County

Friday, August 16, 2013
Chicago Sun-Times
by David Roeder

The ongoing public pension crisis that has hit the credit ratings of Illinois and Chicago took its toll on Cook County government Friday.

Moody’s Investors Service downgraded the county’s general obligation debt one level, to A1 from Aa3. The action affects $3.7 billion worth of the county’s general obligation debt, although the new rating still implies a low credit risk.

The bond-rating firm cited an unfunded liability in the county’s pension plan as the principal reason for the cut. It had a reported unfunded liability of $5.6 billion as of the end last year, Moody’s said. But Moody’s said that when more conservative assumptions are applied concerning the fund’s investment performance, the liability grows to $12.7 billion.

Improving the situation requires help from the state Legislature because the county contributes the statutory maximum toward its pension plan. Yet the Legislature is where Moody’s said the “political paralysis” lies.

The agency said inaction on the state’s pension problem may delay a solution for the county. “Further, strong constitutional protections for pension benefits may result in a legal challenge that could further delay the implementation of reforms,” Moody’s said.

It retained a negative outlook on the county’s debt, meaning that further rate reductions could come. Lower credit ratings raise the interest rates the county must pay when it issues additional debt.

In the county’s favor, Moody’s said, are its diverse economy, cuts in its operating deficit and a political willingness to tackle pension reform.

Owen Kilmer, spokesman for Cook County Board President Toni Preckwinkle, said, “Today’s downgrade is the direct result of the pension crisis we face and our inability to act without state legislation. Although Moody’s praised many of the steps we have taken to improve the county’s finances, we will continue to be negatively affected by the state’s lack of attention to local pension funds.”

In July, Moody’s hit Chicago with a rare triple-notch downgrade in its rating, bringing it to A3.

Fitch Ratings last month affirmed an AA- rating for the county.

Kilmer said Preckwinkle wants a pension conference committee to swiftly address the state’s unfunded liabilities so the General Assembly can consider reforms for local funds.



Recent Headlines

Study says property tax system favors rich
Friday, February 16, 2018
Chicago Sun-Times

Property Tax System ‘More Regressive’ in Cook County, Report Finds
Friday, February 16, 2018
WTTW Chicago Tonight

VIDEO: Cook County Jail detainees applaud CPD commander’s alleged killer
Friday, February 16, 2018
Chicago Sun-Times

Blockbuster report: How Cook County tax system shafts the little guy
Thursday, February 15, 2018
Crain's Chicago Business

Order over lawsuits in Dorothy Brown’s office put on hold by appeals court
Wednesday, February 14, 2018
Chicago Sun-Times

Dorothy Brown can't 'end-run' First Amendment, judge says in denying delay
Tuesday, February 13, 2018
Chicago Tribune

Cook County prosecutors toss more convictions tainted by corrupt ex-Chicago police Sgt. Ronald Watts
Tuesday, February 13, 2018
Chicago Tribune

Handwritten documents, Manila folders, carbon paper — welcome to Cook County criminal court
Monday, February 12, 2018
Chicago Tribune

2 Cook County Commissioners missed over a third of Forest Preserve meetings
Sunday, February 11, 2018
Chicago Sun-Times

Cook County Jail guards lock down sweet union contract—despite sour budget mess
Sunday, February 11, 2018
Chicago Sun-Times

Running for judge, Dorothy Brown’s inspector general accepts donation from bos
Friday, February 09, 2018
Chicago Sun-Times

Cook Co. President Urges Trump To Stop ICE Arrests In Courthouses
Wednesday, February 07, 2018
Beverly Patch

Voting in Jail? New Bill Seeks to Expand Ballot Access for Detainees
Wednesday, February 07, 2018
WTTW Chicago Tonight

COOK COUNTY BOARD COMMISSIONER PROPOSES HEARING ON POLICE OVERSIGHT
Wednesday, February 07, 2018
WBEZ BGA

Assessor Berrios Extends Deadline for Senior and Senior Freeze Exemption Applications
Wednesday, February 07, 2018
Special to suffredin.org

EDITORIAL: You can’t vote if you don’t have a ballot
Wednesday, February 07, 2018
Chicago Sun-Times

Early voting postponed as candidate nomination contested
Wednesday, February 07, 2018
Jacksonville Journal Courier

Jail Population Plunge Has Been Good For Taxpayers, Dart Says
Tuesday, February 06, 2018
WBBM CBSChicago

Foxx: Berrios shouldn't use special state's attorney to fight ethics law
Tuesday, February 06, 2018
Chicago Tribune

EDITORIAL: Every suspicious Cook County death deserves a proper investigation
Tuesday, February 06, 2018
Chicago Sun-Times

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP