SPRINGFIELD, Ill. (AP) — Illinois edged closer to having its worst-in-the-nation credit rating lowered even further as a rating agency declared Thursday that failure to address massivepension problems is a "credit negative" for the state.
"Inaction on the state's pension liabilities will further strain this lowest-rated U.S. state's finances," Moody's Investors Service warned in its weekly update.
Another agency, Standard & Poor's Ratings Services, also says it is evaluating the state's status. S&P warned in June that it considers the pension deadlock a negative for the state.
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