Moody’s downgraded the city of Chicago’s credit rating to junk status, leading Mayor Rahm Emanuel to call the credit rating agency “out of step” and its decision “irresponsible.”

Moody’s Investors Service downgraded the rating on the city of Chicago’s $8.3 billion in general obligation debt to Baa2 from Baa1 on Friday, Feb. 27. 

Did Illinois business leaders lobby ratings agencies to lower the state's bond rating? Paris Schutz has the latest details on a bizarre twist in the pension debate.

Now that Standard & Poor's has lowered Illinois' credit rating to the worst in the nation, will it inspire lawmakers to tackle the state's pension crisis? Paris Schutz has more on the outlook, and the ramifications for taxpayers.