Pension chaos a 'negative' for Ill. credit rating
SPRINGFIELD, Ill. — Illinois is edging closer to having its credit rating lowered because officials have failed to address the state's massive pension problem.
Moody's Investors Service called the failure a "credit negative" Thursday. That could lead to a reduction in Illinois' credit rating, which is already the lowest of any state. That would make it more expensive to borrow money.
Standard & Poor's Ratings Services also says it is evaluating the state's rating.
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