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Bondholders fret as alchemy turns Chicago’s debt into gold

DECEMBER 6, 2017 | by Martin Braun | BLOOMBERG

By Martin Braun, from November 10, includes “…'You are, through a process of alchemy creating AAA rated debt,' said Christopher Dillon, a municipal bond portfolio specialist at T. Rowe Price Group Inc. 'They’ve lowered their borrowing cost in the near term, but long term, it’s just a continued degradation of the full faith and credit at the general-obligation level.' …'It just reeks of having your cake and eating it too,' said Triet Nguyen, managing director at NewOak Capital. 'You can prioritize certain revenue but the general obligation-bonds are actually fine.'"

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