Chicago Hit by Fitch Credit Rating Cut as Fiscal Woes Mount

Fitch Ratings lowered Chicago’s credit grade one notch due to the city’s deficits and the friction between Mayor Brandon Johnson and the city council, underscoring the mounting financial challenges facing the third-largest US city.

The firm cut Chicago’s rating to BBB+, three notches above junk, from A-, with a continuing negative outlook, according to a report released Wednesday.