CHICAGO (AP) -- Standard & Poor's rating services has lowered Illinois' credit rating, blaming the state's pension problems.
The New York-based agency said Friday that the rating on the state's general obligation bonds was downgraded to A- from A. The agency also gave an A- rating to $500 million in general obligation bonds that the state plans to release in February. The agency says the outlook is negative.
Standard & Poor's credit analysts say the downgrade reflects what the agency sees as the state's "weakened pension-funded rations" and lack of action on reform measures to improve the state's worst-in-the-nation pension crisis. Illinois has a $96 billion pension deficit.
All content © Copyright 2000 - 2014 WorldNow and WREX. All Rights Reserved.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Trista Truesdale at (815) 335-7856. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.