Will pension solution fix credit rating?

Published 12/05 2013 04:39PM

Updated 12/05 2013 05:33PM

SPRINGFIELD -- Temperatures aren't the only thing falling. The state's credit rating has dropped more than a dozen times in the past few years. But, experts say it could start to turn around.

Rating agencies say they like what they see in Illinois so far. They've been pressuring lawmakers to fix the pension system for months. That's how Illinois became the state with the lowest credit rating in the country.

Now that Governor Quinn signed a law reforming the systems, our credit rating could be on the mend. Fitch has already said the work which has been done at the Capitol this week is a positive step forward.

That's a big change from the constant negative outlooks from all agencies lately. But, experts say there's still a long way to go.

Next, the pension law will likely head to court, then, depending on the outcome, the rating agencies will be watching to see if the state sticks to the law and keeps the rest of the budget in check.

Experts say it's very likely Illinois will see a credit upgrade in the near future, but that probably won't happen for at least another year.

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