rating services

Illinois budget woes
2:32 pm
Wed August 29, 2012

S&P Lowers State Rating Once Again

Illinois’ large budget imbalance and an $83 billion unfunded pension liability have led Standard & Poor's Ratings Services to lower the state’s credit rating from A-plus to A.

Today’s announcement also gives Illinois a negative outlook for the future.

The action on the state's general obligation bonds comes less than two weeks after a special Illinois legislative session on pension reform ended with no resolution on reining in the pension costs.

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