Standard & Poor's Ratings Services said that despite significant budget pressures, Chicago will not head down the same path that led Detroit into bankruptcy, Reuters reported yesterday. "We believe that Chicago's growing economy and taxing flexibility provide it with the resources to avoid a fate similar to Detroit's should it capitalize on this flexibility and remain on course," the S&P concluded. S&P gave Detroit its lowest credit rating of D after the city defaulted on its general obligation bonds in October. Chicago's bond rating remains solidly investment grade at A-plus, albeit with a negative outlook.
