June 9, 2016 / 8:00 PM / 3 years ago

S&P drops Illinois rating to BBB-plus, cites mismanagement

CHICAGO, June 9 (Reuters) - Standard & Poor’s downgraded Illinois’ credit rating by one notch to BBB-plus on Thursday, citing the state’s weakened fiscal position due to “mismanagement.”

“The downgrade reflects the state’s weakened financial management and fiscal position and our view that Illinois’ continued delay in developing a long-term plan to address its liabilities is placing increased pressure on the rating,” S&P credit analyst John Sugden said in a statement. (Reporting By Karen Pierog; Editing by Nick Zieminski)

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