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S&P Hits Illinois' Credit Rating over Pensions

Continuing pension problems have earned Illinois another reduction in its credit rating.

Standard & Poor's Ratings Services announced Wednesday that it is lowering Illinois' general obligation rating to A from A-plus. The decision is based on weak funding for government pensions and a "lack of action on reform measures."

S&P had issued a warning in June that this might happen.

Source: AP. Read full article. (link)

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  • Brutus||

    What lack of reform measures? Springfield jacked up income taxes 67%...and then promptly increased spending.