S&P lowers Ill. credit rating
CHICAGO (AP) – Illinois’ already disastrous financial situation worsened Friday as another credit rating agency downgraded its rating to the worst of any state in the country, blaming lawmakers’ ongoing failure to resolve a multibillion-dollar pension crisis.
Standard & Poor’s rating service 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 next week. The agency says the outlook is negative, an indication it could take the unusual step of further downgrading the state if conditions don’t improve.
The downgrade is just the latest warning from the New York bond houses about the state’s ongoing credit deterioration. It means taxpayers will likely pay a higher interest when the state issues bonds, or borrows money, for big items such as construction projects.
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