Reuters is reporting that Illinois' credit rating has been dropped another notch - which means higher interest rates will cost taxpayers even more to pay back state bonds and unpaid obligations.
Jan 25 (Reuters) - Standard & Poor's Ratings Services downgraded Illinois' credit rating by one notch to A-minus on Friday, citing the state's lack of action on reforms to address its huge unfunded public pension liability.
The rating agency also placed a negative outlook on the lower rating, saying legislative consensus and action will be needed to tackle a range of challenges, including pensions.
