Pension problems affecting state's credit rating

Published 08/22 2012 04:58PM

Updated 08/22 2012 06:02PM

SPRINGFIELD -- The fact lawmakers did nothing Friday for pension reform has credit agencies taking a closer look at the state. They warn our credit rating could be in jeopardy if a fix isn't found soon.

We already have the lowest rating in the U.S. It could get worse. The credit rating agencies have been telling the state for months to deal with pensions. They say the ballooning debt is killing our future.

Rating agencies like S & P are going back over the state's finances right now. They gave the state a first warning in March, but five months later, we still don't have reform. The state's rating has stayed the same though. And that has some people wondering if it's all a bluff.

Governor Quinn says he's working on a new plan to get pensions worked out. No word when that will be. He doesn't plan to release it for a few more weeks, meaning it will still be a while before we see anything happen with state pensions.

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