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 Monday, Oct. 20, the 293rd day of 2014. There are 72 days left in the year.

1864 -- 150 years ago: The store of Devoe and Crampton was entered and robbed of about $500 worth of gold pens and pocket cutlery last night.
1889 -- 125 years ago: Michael Malloy was named president of the Tri-City Stone Cutters Union.
1914 -- 100 years ago: Dewitte C. Poole, former Moline newspaperman serving as vice consul general for the United States government in Paris, declared in a letter to friends that the once gay Paris is a city of sadness and desolation.
1939 -- 75 years ago: Plans for the construction of an $80,000 wholesale bakery at 2011 4th Ave. were announced by Harry and Nick Coin, of Rock Island. It is to be known as the Banquet Bakery.
1964 -- 50 years ago: An application has been filed for a state permit to organize a savings and loan association in Moline, it was announced. The applicants are Ben Butterworth, A.B. Lundahl, C. Richard Evans, John Harris, George Crampton and William Getz, all of Moline, Charles Roberts, Rock Island, and Charles Johnson, of Hampton.
1989 -- 25 years ago: Indian summer is quickly disappearing as temperatures slide into the 40s and 50s this week. Last week, highs were in the 80s.


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