Chicago’s top lawyer is defending the city’s pension plan, even as an investor service is downgrading the city’s bond rating.
The city owes billions in pension debt.
Top attorney Steve Patton argues proposed changes to Chicago’s troubled pensions will withstand a legal challenge, even though the Supreme Court just ruled against changes to State of Illinois retirement funds.
"We don’t think you even get to the question of whether some defense or exception applies because we don’t think that our law violates the constitution in the first instance," Patton said.
Moody’s says it downgraded Chicago’s debt rating, partially because the city will have to make drastic changes to its budget to pay its pension obligations.