July 11 (Reuters) - Fitch Ratings cut its rating on Cook County, Illinois’ unlimited tax general obligation (ULTGO) bonds to “A+” from “AA-”, citing the challenges that the county faces as it attempts to shore up its “severely underfunded” pension plan.
Fitch rated about $3.6 billion ULTGO bonds of Cook County, Illinois.
“Meaningful improvement would require action by the state legislature, which is not expected to be back in session until the fall at the earliest, and possibly not until January 2015,” Fitch said.
The outlook on the rating is negative, Fitch said on Friday. (Reporting By Abinaya Vijayaraghavan; Editing by Joyjeet Das)