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Subject:  Illinois Downgrade Date:  1/12/2013  1:58 PM
Author:  2828 Number:  666055 of 876437

This is getting to be a habit. Damn rating agencies!

SPRINGFIELD — One of the nation's leading credit-rating firms put Illinois on a negative watch list today because Gov. Pat Quinn and state lawmakers failed to address the overwhelming public pension debt in the just-completed lame-duck session.

Fitch Ratings delivered its designation due to the “ongoing inability of the state to address its large and growing unfunded pension liability,” specifically noting the outgoing legislature shut down Tuesday without taking action on pension reform.

The credit rating was listed at the already-low designation of “A” but with a stable outlook. It is still rated “A” but now has an outlook known as “rating watch negative.” The move could make it more expensive for the state to borrow money.
The years and years of the republican stranglehold on Illinois is taking it's toll.
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