With Downgrade, Chicago is on the verge of fiscal free fall

``Moody, a credit ratings firm downgraded Chicago, which would result in huge financial trouble as this may start termination of four interest rate swap agreements. Moody's ‘Investors Service' downgrade report has indicated increasing pension load as a key concern for the city and given BAA 2 status to a city which is just two levels above from the lowest rating... Moody's report has calculated the pension liability of the city around $32 billion, eight times of the operating revenue. Panicked labor unions and associations of retirees, most affected section of the population by this development have approached the court and challenged the plans of cost cuttings in two pension funds.''