All three major ratings agencies give the city a negative outlook, and Moody's Investors Service downgraded the city's debt in late February to two notches above junk status. Moody's analysts said in its statement that the rating could drop further depending on the outcome of an Illinois Supreme Court case. In 2013, state government approved major changes to cut the cost of its severely underfunded employee pension system. The employee unions sued, and the Supreme Court is poised to rule in the coming weeks. If the state's pension law is thrown out, such a ruling could establish a legal interpretation that would eventually wipe out money-saving changes that Emanuel made to city pension systems.