Moody's Downgrades Chicago in a Financial Version of the Polar Plunge

Mayor Rahm Emanuel didn't do the Polar Plunge this year, but Chicago's credit rating took an icy dive. That's bad news for everyone in Illinois, not just Chicagoans.

Reboot Illinois' Madeleine Doubek writes:

Chicago Mayor Rahm Emanuel didn't seem to be around for the "Polar Plunge" fund-raiser for Special Olympics this year like he was last year.

No matter. He, mayoral contender Jesus "Chuy" Garcia and the rest of Chicago, whether they seem to be aware, got a bracing bucket full of frosty cold water thrown on them the day before by Moody's Investors Service.

Missed this one? Pay attention. Even if you're one of the Chicago haters. If the state's pre-eminent city takes a dive, we're all going down under with it. Perhaps that's a bit of hyperbole, but just a bit. If Illinois' premier city at the Midwest crossroads goes belly up, the collapse will reverberate across the state.

Moody's just lowered the rating on the city's debt again to Baa2, or two notches above "junk" status.

(Read the rest at Reboot Illinois to find out what the consequences of such a downgrade could be for the city and its residents.)

More in bummer news for Chicago: Oprah Winfrey is moving her Harpo Studios TV production out of the city. Some of the 200 employees affected by the move will be able to relocate to Los Angeles with the company, where her OWN television network is based.

(Check out Reboot Illinois to see what Winfrey said about the move.)