CPS pension costs have tripled since 2013, and the district now faces a crushing $700 million pension payment this year. CPS will be forced to decide between funding the pensions of retirees and funding the education of its students, while we know that even applying the recent state pension reforms in SB1 would provide at least $210 million in pension relief next year alone." CPS spokesman Bill McCaffrey said the downgrade in Moody's rating alone will not be enough to make the district pay any penalties on its derivative financing deals; a second rating agency also would have to lower its rating of CPS debt. McCaffrey also noted that the district expects to save about $20 million by completing bond transactions approved last week by the Board of Education. CPS already was expecting the Moody's downgrade, he said, and it included an increased interest rate in its projections.