S&P says Kentucky outlook negative, cites pension funding
SAN FRANCISCO Jan 31 (Reuters) - Standard & Poor's revised its outlook on Kentucky to negative from stable on Thursday, citing concerns that the state's pension funding levels could drop.
"The outlook revision reflects our concern over pension funded levels, which have declined and are likely to continue declining due to lower-than-actuarially required funding of pension liabilities, and budgetary pressures associated with funding post-retirement benefits," S&P credit analyst John Sugden said in a statement.
S&P affirmed its AA-minus issuer credit rating on Kentucky, noting it is experiencing a healthy economic recovery and its revenue are improving. Kentucky also has a moderate debt burden, according to the credit rating agency.
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