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CHICAGO, July 23 (Reuters) - 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)