CHICAGO (AP) — The bond-rating agency Moody’s Investor Service has downgraded the Chicago Board of Education debt after a more than week-long Chicago Teachers’ Union strike.

Moody’s on Friday downgraded the board’s debt to A2, reflecting “a weakened financial profile.” Moody’s said it thinks “the district will be hard-pressed to make the budget adjustments necessary” to close an approximate $1 billion budget gap for fiscal 2014. The rating applies to $6.4 billion in debt.

Chicago Public Schools said in a statement that it is making “tough decisions” to fix finances without sacrificing children’s educations. CPS says it has cut more than $500 million over the past year.

This summer Moody’s separately downgraded Chicago Public Schools’ bond rating outlook from stable to negative.

Teachers and CPS officials agreed on a contract earlier this month.

Copyright 2012 The Associated Press.

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