S&P lowers Illinois credit rating over pensions
SPRINGFIELD (AP) — Continuing pension problems and government gridlock earned Illinois another reduction in its credit rating Wednesday.
Standard & Poor's Ratings Services said it lowered Illinois' rating a notch because of "weak pension funding levels and lack of action on reform measures." The firm also said the financial outlook for Illinois is negative, in part because the state's temporary income tax is scheduled to expire in 2015.
Lower ratings can raise the interest rate Illinois must pay when borrowing money.
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