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S&P downgrades Illinois to A-minus, cites pension inaction
January 25, 2013 / 6:57 PM / 5 years ago

S&P downgrades Illinois to A-minus, cites pension inaction

CHICAGO, Jan 25 (Reuters) - Standard & Poor’s Ratings Services downgraded Illinois’ credit rating by one notch to A-minus on Friday, citing the state’s lack of action on reforms to address its huge unfunded public pension liability.

The rating agency also placed a negative outlook on the lower rating, saying legislative consensus and action will be needed to tackle a range of challenges, including pensions.

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