Credit Agency Blames Chicago Teachers Union for District Downgrade

Credit Agency Blames Chicago Teachers Union for District Downgrade

Fitch became the second credit rating agency in as many months to downgrade Chicago Public Schools’ outlook from “stable” to “negative.”

Fitch, in its assessment, put the blame squarely on the Chicago Teachers Union.

“The Chicago Teachers' Union (CTU) has filed a number of suits against the board and has voted to authorize a strike over what it considers unsatisfactory terms of a proposed new multi-year contract.

“Fitch believes continued litigation and the strike threat indicate an increase in the already high level of discord between the CTU and CPS, which will make the competing goals of managing expenses and improving...