First, there was Illinois’ pension ruling. Then, the downgrade of Chicago’s debt by Moody’s Investors Service. Two weeks later, the city starts to feel the effects of that downgrade to junk status. A Chicago Tribune analysis shows that the City of Chicago will pay at least $70 million more on a bond deal now that Moody’s has put the city at “junk status,” the lowest tier for credit ratings. That means Chicago will have to pay a lot more money to borrow money, something that’s crucial to operating a municipal government. Joining us with more analysis is Brian Battle, Director at Performance Trust, an investment advisory firm in Chicago.