Illinois Treasurer and Governor Say Pension Action Needed
Gov. Pat Quinn said earlier Friday that rating agencies won't give Illinois better marks until the General Assembly passes pension reform. Standard & Poor's said Friday that it downgraded Illinois' general obligation bonds from A to A-minus. The agency also gave an A-minus rating to $500 million in general obligation bonds that the state plans to issue in February. Ratings agencies have been downgrading Illinois' credit over the last several years.
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