Moody's downgrades rating of Chicago Board of Ed

CHICAGO (WLS) -- Moody's Investors Service kicked Chicago Public Schools' debt deeper into junk territory on Monday.

Crain's Chicago Business reported that the bond rating agency downgraded the school district's debt, terming CPS' financial condition as "precarious."

Moody's said its negative outlook is based on the expectation that the pressure on CPS' credit will grow during the current fiscal year.

Earlier on Monday, the Chicago Teachers Union announced that more than 95 percent of members voted to authorize a strike.