(AP) — A bond rating firm has downgraded Chicago’s bond rating, citing the city’s weakened financial flexibility and reduced tax revenue. Fitch Ratings on Thursday reduced Chicago’s $6.8 billion in outstanding general obligation bonds from AA-plus to AA, which means millions of dollars will be added to the cost of borrowing by the city. The action by Fitch comes as the city faces a record,$654.7 million budget shortfall next year.
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