A failed special session that was supposed to lead to the passage of pension reform has pushed Illinois closer to a downgrade of its credit rating.
Gov. Pat Quinn back to Springfield last Friday to deal with the state's massively underfunded pension systems, but the chambers on a deal.
Moody's Investors Service took note of that today, calling the failure a "credit negative." That could signal a future downgrade in Illinois's credit rating, which is already the lowest - making it more expensive for the state to borrow money.
Standard & Poor's Ratings Services issued a on Wednesday.
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