New York, October 08, 2014 -- Moody's is correcting the short-term rating on the City of Chicago's (IL) Sales Tax Revenue Refunding Bonds, Variable Rate Series 2002 to VMIG 3 from VMIG 1. Moody's downgraded the long-term underlying rating of the bonds to A3 from Aa3 on July 17, 2013 and to Baa1 from A3 on March 4, 2014. Due to an internal administrative error, Moody's failed to simultaneously downgrade the short-term ratings of the bonds.

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