S&P Lowers Illinois Credit Rating, Blames PensionsCHICAGO (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.
See other LocalNews news:U of Illinois Spends $30K for Biden Speech on Sex Assault
Metro East School District Settles Civil Rights Complaint
Illinois Lawmakers Consider Ban on Crib Bumper Pads
Chicago Mother of Earthquake Survivor Worries of His Return
Two Hurt in Patoka Crash