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4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

Delayed Quote. Delayed  - 09/26 10:02:04 pm
108.99 USD   -0.26%
08:10a MOODY : downgrades Chicago Public Schools further into junk status
03:14a Hong Kong has to do more to prove the doomsayers wrong
01:36a MOODY'S : Negative outlook for oil refining and marketing
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Moody : downgrades Chicago Public Schools further into junk status

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09/27/2016 | 08:10am CEST

Sept. 27--Chicago Public Schools' financial reputation took another hit from a major Wall Street credit ratings agency on Monday.

Moody's Investors Service dropped the district's bond rating further into junk status, lowering its view of the school system's debt one notch to a B3 rating.

Moody's cited a variety of factors for the downgrade. Among them: the district's reliance on short-term borrowing, a "deepening structural deficit" and a budget "built on unrealistic expectations" of help from a state government with money woes of its own.

Word of the downgrade came on a day when the district announced budgets at about 300 schools would lose a total of $45 million because of enrollment declines, and the Chicago Teachers Union said its members authorized a strike if contract talks break down.

Moody's warned its debt rating could decline even further. The district's junk bond rating could make borrowing more expensive.

On Wednesday, the Chicago Board of Education is set to vote on what's now a roughly $338 million capital budget that relies on borrowed money. The capital budget's size is likely to swell amid plans to borrow up to $945 million in long-term debt for a variety of other school infrastructure projects.

Other major agencies also have CPS in junk bond territory but have not yet made further downgrades.

Fitch Ratings agency, however, recently reiterated its gloomy take on the district's "strained, structurally imbalanced" operations that continue to rely on short-term borrowing and have limited reserves, and are "poorly positioned to absorb even a mild economic downturn."

Standard & Poor's also expressed "major concerns" about the district's "extremely weak" cash position while warning it could downgrade CPS debt absent a "credible and sustainable long-term solution to its financial pressures."

The district's top financial officer said in a statement Monday that the system's finances are improved compared to last year.

"Moody's view remains an outlier from other ratings agencies' perspectives on Chicago and its sister agencies," CPS Senior Vice President of Finance Ron DeNard said. "Looking ahead, CPS will continue to work to strengthen its finances and finalize the path forward to fiscal soundness in the years to come."

jjperez@tribpub.com

___

(c)2016 the Chicago Tribune

Visit the Chicago Tribune at www.chicagotribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2016 3 539 M
EBIT 2016 1 450 M
Net income 2016 890 M
Debt 2016 1 884 M
Yield 2016 1,33%
P/E ratio 2016 23,91
P/E ratio 2017 21,41
EV / Sales 2016 6,45x
EV / Sales 2017 6,09x
Capitalization 20 959 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 109 $
Spread / Average Target 0,10%
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NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry A. McKinnell Chairman
Linda S. Huber Chief Financial Officer & Executive Vice President
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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