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IL take credit rating hit

Wed, 29 Aug 2012 13:07:59 CDT
By: AP


Continuing pension problems have earned Illinois another reduction in its credit rating. Standard & Poor's Ratings Services says it is lowering Illinois' rating a notch. The service says its decision is based on weak funding for government pensions and a "lack of action on reform measures." It also gives Illinois a negative outlook for the future. Lower credit ratings can cost the state by raising the interest rate it must offer when borrowing money.

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