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The cartoon snake, which Illinois Governor Pat Quinn used to symbolize retiree costs that are strangling the state’s finances and undermining its credit rating, is now smothering Chicago. The third-most-populous U.S. city had its general- obligation grade cut by Moody’s Investors Service last week to three levels above junk. Excluding bankrupt Detroit and Stockton, California, that’s the lowest among the 90 biggest U.S. cities, data compiled by Bloomberg show.

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