Chicago Public Schools having one of the country’s most powerful unions.

Via EAG News:

After dropping CPS’ credit to “junk” in May, Moody’s cut CPS’ rating again Monday from Ba3 to B1, and warned it could cut its rating further if the school district doesn’t correct its financial crash course, the Associated Press reports.

“The downgrade to B1 reflects the precarious liquidity position of the district. CPS has increasingly relied on market access and cash flow borrowing to maintain ongoing operations,” according to a Moody’s release.

“The downgrade also reflects the district’s structurally imbalanced fiscal 2016 budget, which assumes $480 million in additional state fu

nding that has yet to be appropriated by the State of Illinois (Baa1 negative). The lack of a state budget nearly six months into the fiscal year has delayed certain other revenues.”