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Illinois credit rating outlook given downcheck

Fri, 14 Dec 2012 16:29:03 CST
By: AP

Moody's Investors Services has downgraded the credit outlook for the state of Illinois from stable to negative citing the "severe pension funding shortfall." Illinois Treasurer Dan Rutherford says Illinois already has the worst credit rating of any state in the U-S.

Governor Pat Quinn has set a January 9th deadline to overhaul the state's pension system, which is underfunded by an estimated $96 billion dollars. The ratings agency also says Illinois has long-term weak management practices that are reflected in the state's pension under-funding and bill-payment delays. Thousands of vendors that provide state services are owed $9 billion dollars in back-due payments.

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