Chicago's bond rating has taken a big hit, suffering the first downgrade in the two-year tenure of Mayor Rahm Emanuel, who was warned by financial analysts of the need to take drastic - even politically daring - actions to get his city's fiscal house in order. "There's no way to sugarcoat this," said Brian Battle, director at Chicago-based Performance Trust Capital Partners, an investment adviser specializing in fixed-income products. "This is bad for Chicago."
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