S&P downgrades Chicago GO bonds to A- from A+

Moody's cuts Chicago credit rating to 'junk'
Moody's cuts Chicago credit rating to 'junk'   

S&P credit rating agency on Thursday downgraded Chicago's general obligation bonds to A- from A+, which the agency said was three notches above "junk" level, citing the financial challenges the city is facing.

The agency said it expects the city will address its liquidity pressures, "whether through full re-negotiations or through utilizing its own internal liquidity."

Moody's Investors Service on Tuesday pushed Chicago's credit rating into its "junk" category, potentially triggering $2.2 billion in accelerated debt payment and increasing the fiscal challenges facing the nation's third-largest city.

Read MoreMoody's downgrades Chicago debt to 'junk'