S&P Hits Illinois' Credit Rating over Pensions

The decision is based on weak funding for government pensions and a "lack of action on reform measures."

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.