Reuters reports that the ongoing troubles with the City of Chicago's mounting pension liabilities have led the Moody's rating agency to drop the city's status to "negative."

On Thursday, the credit rating company announced the revision in the city's Aa3 general obligation rating, which had previously been "stable."

"Chicago's administration has yet to unveil a detailed strategy for improving pension funding levels and is not currently contributing the full annual required contributions," the agency said, in a statement. "Should pension pressures continue to escalate absent a specific plan of reform, the city's credit quality will likely weaken."

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