Moody's cuts Cook County, Illinois bond rating to A1

CHICAGO Fri Aug 16, 2013 3:43pm EDT

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CHICAGO Aug 16 (Reuters) - Moody's Investors Service on Friday downgraded its general obligation rating for Cook County, Illinois, to A1 from Aa3, citing growing pension liabilities.

The credit ratings agency also kept a negative outlook on the lower rating due to "formidable" challenges facing the county in getting pension reform through the Illinois legislature. The downgrade affects $3.7 billion of outstanding debt.

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