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Message: From GoLocalProv by Michael G. Riley, GoLocalProv MINDSETTER™: Yeah, yeah…I know the police are surrounding the State House. Back to the Rhode Island Pension Time Bomb…recently, the Civic Federation blogged about the Chicago City Council granting the city authority to issue general obligation (GO) bonds for the payment of various capital projects and legal judgments, which includes refunding and restructuring debt. The city was expected to sell $388 million in GO bonds on March 6. In anticipation of the bond sale, Moody’s Investors Service downgraded the City’s credit rating from A3 to Baa1, giving Chicago a lower credit rating than any major US city except Detroit. This immediately made me wonder exactly how Moody’s arrived at their numbers and what metrics they used. Then I could compare that data to Rhode Island. The result will surprise you. http://www.golocalprov.comhttp://beta.golocalprov.com/michael-riley-moodys-lowers-the-bomb...look-out-rhode-island