Fair
56°FFairFull Forecast

Fitch says Illinois pension action ‘positive’

Published: Thursday, Dec. 5, 2013 1:15 a.m. CDT

SPRINGFIELD (AP) – A major credit-ratings agency says it sees Illinois lawmakers’ passage of pension legislation as a “positive” development.

Fitch Ratings issued a statement Wednesday, saying it will analyze the pension measure that the General Assembly passed on Tuesday. The ratings agency says that’s necessary to see if it enhances pension system funding and controls pension payments’ effect on the state budget. Fitch also says it believes a legal challenge to the legislation is likely.

But the agency says the action is a “positive indication” of the state’s willingness to address the issue.

Fitch rates Illinois an “A-” with a negative rating outlook. The agency says that’s its lowest rating for a U.S. state. Lower ratings mean paying higher interest rates on borrowed money.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

National video



Reader Poll

In the wake of heightened scrutiny of police departments in Baltimore, New York, and Ferguson over treatment of minorities, how do you rate the performance of your local police department?
Excellent
Good
Fair
Poor