Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.
Mobile

Rating agency sours on Illinois' financial outlook

SPRINGFIELD, Ill. (AP) — A major credit-rating agency says it's relabeling Illinois' financial outlook to "negative" from "stable" based on the state's failure to enact pension reform.

Fitch Ratings adjusted its opinion of Illinois' credit-worthiness Friday. Fitch is one of three agencies that monitor state finances and grades ability to repay debt.

Fitch says the outlook for the state's rating, currently "A," could improve if Illinois can agree to resolve a $96 billion deficit in its pension programs. Gov. Pat Quinn's latest effort fizzled this week.

The outlook gives an indication of how a state's grade might move in the coming months. "Negative" means Fitch could downgrade Illinois' credit. That would mean a higher interest rate to borrow money.

Fitch's Illinois outlook matches that of the two other credit rating companies.

Loading more