The state's failure to fix the $96 billion deficit in its pension programs has led to a leading credit rating agency to downgrade its status.
Fitch Ratings changed Illinois' status from "stable" to "negative" due to the lack of pension reform. The agency says the outlook for the state's rating, which is currently "A", could improve if legislators agree on a fix for the pension problem.
The "negative" rating means the agency could downgrade the state's credit, meaning a higher interest rate for borrowing money. The rating matches that of the other two credit rating agencies.
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