S&P Lowers Illinois Credit Rating, Blames Pensions
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:Indiana Man Airlifted to St. Louis Hospital Following I-57 Wreck Near Route 161
Marion County Sheriff's Department Investigating Two Early Saturday Morning Wrecks
Voter Registration Deadline Ahead for March 15 Primary
Granite City Man Convicted of Murder in 21-Month Old's Death
Two Canadian Residents Hurt in I-57 Crash in Jefferson County