"We don't make recommendations to (bond) issuers. We're simply giving our independent opinion." Moody's typically is the most conservative of the major rating agencies. After its action, other rating agencies lowered their credit score on Chicago, although not to junk-bond status, partly citing the uncertainty created by Moody's. That prompted Chicago Budget Director Alex Holt to call Moody's rating an "outlier" compared with its rivals, which say the city's credit is still investment grade.