"There's no way to sugarcoat this," said Brian Battle, director at Chicago-based Performance Trust Capital Partners, an investment adviser specializing in fixed-income products. "This is bad for Chicago." In its analysis, Moody's found Chicago's pension plight much more severe than the city has estimated. Rachel Cortez, the lead analyst on the Chicago report, said Moody's calculates that the city's pension funds at the end of 2012 possessed only 22 percent of the assets they needed to meet obligations. The city pegged the amount at 35 percent.