S&P lowers Illinois credit rating, blames pensions


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Posted Online: Jan. 25, 2013, 1:47 pm
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CHICAGO (AP) Standard & Poor's rating services has lowered Illinois' credit rating, blaming the state's pension problems.

The New York-based agency 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 in February. The agency says the outlook is negative.

Standard & Poor's credit analysts say the downgrade reflects what the agency sees as the state's 'weakened pension-funded rations' and lack of action on reform measures to improve the state's worst-in-the-nation pension crisis. Illinois has a $96 billion pension deficit.
















 



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  Today is Friday, Sept. 19, the 262nd day of 2014. There are 103 days left in the year.
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1889 -- 125 years ago: The George Fleming company had begun its dried fruit packing in a branch plant on 16th Street, Rock Island, employing nearly a hundred workers.
1914 -- 100 years ago: The cornerstone of the new Eagles home was laid. Building committee members were John Kobeman, Fred Ehmke and Frank Wich.
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