WJBD Radio

Images

Now Playing

Local News

WJBD - Local News - S&P Lowers Illinois Credit Rating, Blames Pensions

S&P Lowers Illinois Credit Rating, Blames Pensions

By The Associated Press

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.

See other LocalNews news:

Two Traffic Stops in Salem Saturday Lead to Arrests
Kirk Calls For Congressional Hearings Into North Korea Hack
Chicago Mayor's Teenage Son Mugged Near Home
Police Looking For Suspect in Effingham Shooting
Raising Juror Pay, Reducing Juries Gets Mixed Reviews




This Site logo