SPRINGFIELD, Ill. (AP) — A major credit rating agency has soured on the economic forecast for Illinois after another failed attempt this week to rectify the $96 billion pension system deficit.
Fitch Ratings announced Friday that it has relabeled Illinois' financial outlook to "negative" from "stable."
The outlook does not affect Fitch's opinion of the state's credit worthiness, still listed as "A." That's two steps below the grade for the best-quality borrowers — sound, but reflective of a climate where state finances are vulnerable to economic changes.
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