Fitch Ratings downgraded Chicago’s bond ratings because of its overwhelming pension debt, which now sits at about $19.5 billion, and its inability to come up with a solution to the problem.

Fitch dropped the city’s rating from AA- to A- on $8 billion in general obligation bonds, which are backed by property taxes. It also dropped the rating on $497.3 million in sales tax bonds to A- from AA-, and to BBB+ from A+ on $200 million in commercial paper notes.

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