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April 18, 2014, 3:03 am

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Fitch Downgrades Illinois Because of Pension Inaction


Illinois has been downgraded again, this time by the ratings agency Fitch.

 

The lowering from "A" to "A-" is because of the "ongoing inability of the state to address its large and growing unfunded pension liability" and in particular the state's inability to pass pension reform during the regular legislative session that ended Friday.

 

Fitch is the first ratings agency respond to the most recent legislative session.

 

Other ratings agency have warned that a downgrade could be coming.

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