Illinois’ credit rating was downgrade by Standard & Poor’s on Wednesday, a move that came after Gov. Pat Quinn has been unable to persuade lawmakers to cut costs in the state’s debt-ridden public employee pension system.
The agency lowered the state’s credit rating from A+ to A, citing a “lack of
action” on changes aimed at lowering the pension system’s unfunded liability
that could hit $93 billion by next summer if nothing is done. Standard &
Poor’s also gave Illinois a “negative outlook,” saying Illinois’ budget future
remains uncertain. http://www.chicagotribune.com/news/local/breaking/chi-wisconsin-governor-tweaks-quinn-over-credit-downgrade-20120829,0,5929391.story
No comments:
Post a Comment