Chicago's credit rating already decreased three levels last July and once more in March, landing just above the threshold where the banks involved with the city's interest rate swaps will start to demand money. If the rating drops even one more notch, the bank could claim $110.4 million. Under former Mayor Richard Daley, the city signed interest rate swaps involving $3 billion of the city's debt concerning general obligations. Mayor Rahm Emanuel's administration has discontinued buying interest rate swaps. Moody's Investor Service has declared a negative outlook for Chicago. The city must find new revenue sources and cut costs, especially in the area of pension reform, to avoid further declines.