S&P downgrades Illinois to A-minus, cites pension inaction
CHICAGO Jan 25 (Reuters) - Standard & Poor's Ratings Services downgraded Illinois' credit rating by one notch to A-minus on Friday, citing the state's lack of action on reforms to address its huge unfunded public pension liability.
The rating agency also placed a negative outlook on the lower rating, saying legislative consensus and action will be needed to tackle a range of challenges, including pensions.
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