Chicago's credit rating is being downgraded in the wake of last year's budget battle between Mayor Brandon Johnson and the City Council.
Chicago 's credit rating is being downgraded in the wake of last year's budget battle between Mayor Brandon Johnson and the City Council.Fitch Ratings has given Chicago a BBB+ overall, while downgrading sales tax securitization from AAA to AA+.
Fitch said the rating cut reflects the city's operating deficits since 2023.In a statement, Fitch said the downgrade is due to disagreements between the Johnson administration and the City Council, adding that the disagreements have 'impeded decision timeliness and the development of a credible and comprehensive plan to restore structural balance.' Late last year, the mayor and his City Council rivals locked horns for months over the city budget, to the point where a government shutdown at the end of last year was feared.The City Council approved a $16.6 billion spending plan opposed by the mayor in December. Which Mayor Johnson had backed a corporate head tax, his opponents' budget relied on an increase in the city's plastic bag tax, overhauling the tax on off-premise liquor sales; legalizing video gambling terminals in Chicago, and opening up new advertising opportunities.Mayor Johnson declined to veto the budget that was approved.
Chicago City Council Brandon Johnson
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