Mayor "Not Pleased" About Reduction in CPS' Bond Rating

" Mayor Rahm Emanuel said Friday that he was "not pleased" with a decision by Moody's Investor Service to again drop the Board of Education's bond rating but said it his actions were a matter of priorities.

“Kids are getting an additional hour and 15 minutes today and I had to take care of that first," the mayor said Friday. "I could not put the fiscal challenges ahead of our educational challenges."

The bond-rating agency's action comes after a more than week-long Chicago Teachers' Union strike.

On Thursday, Moody's reduced CPS' debt to A2, reflecting "a weakened financial profile." The company said it thinks "the district will be hard-pressed to make the budget adjustments necessary" to close an approximate $1 billion budget gap for fiscal 2014. The rating applies to $6.4 billion in debt. "

Click here to read the whole article