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 Thursday, April 17, the 107th day of 2014. There are 258 days left in the year.

1864 -- 150 years ago: Journeymen shoemakers of Rock Island struck for higher wages yesterday morning, asking 25 percent increases. Employers have acceded to their demand.
1889 -- 125 years ago: Lighting struck wires of the Merchants Electric Light Co. during a furious storm, and many Rock Island business houses were compelled to resort to gas as a means of illumination.
1914 -- 100 years ago: Members of the First Church of Christ, Scientist, decided to erect a new edifice at a cost of about $60,000.
1939 -- 75 years ago: Willard Anderson, junior forward for the Augustana College basketball team, which won 17 out of 22 contests, was elected captain of the quintet.
1964 -- 50 years ago: John Hoffman, Moline, president of the Sac-Fox Council of Boy Scouts, will be honored for his 50 years in scouting by members of the council at a dinner Thursday evening.
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