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Another downgrade for Illinois’ credit rating

Posted by wlpo on June 3, 2013

           Another downgrade for Illinois’ credit rating could be another blow to the state’s financial well-being.  Fitch Ratings announced Monday they’re changing the state’s rating on $27.5 billion in outstanding general obligation bonds to ‘A-‘ from ‘A’.

          The company says the downgrade is because of lawmakers not being able to fix the growing unfunded pension liability.  Lawmakers ended the spring session Friday without agreeing on a pension reform bill.

          Governor Pat Quinn says the downgrade isn’t a surprise.  He says every time lawmakers miss a pension reform deadline, the state’s credit rating is downgraded and it hurts our economy. 

Quinn says he plans to meet with House and Senate leaders Tuesday.

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