CHICAGO, July 23 Standard & Poor's Ratings
Services on Wednesday revised the outlook on Illinois' A-minus
credit rating to negative, citing risks over the implementation
of a recent pension reform law.
S&P said a recent Illinois Supreme Court ruling could cloud
the chances that the law will take effect. It also attributed
the negative outlook to the state's new budget, which it said
was not structurally balanced.
The rating agency had changed the state's rating outlook
from negative to developing in December in the wake of the
passage of the law, noting the outlook indicated Illinois'
rating could be raised or lowered during a two-year horizon.
(Reporting By Karen Pierog; Editing by Meredith Mazzilli)