Tagged: Illinois pensions

Updated 12:26 p.m.

Continuing pension problems have earned Illinois another reduction in its credit rating.

Standard & Poor's Ratings Services announced Wednesday that it is lowering Illinois' rating a notch. The decision is based on weak funding for government pensions and a "lack of action on reform measures."

Only California has a lower rating from S&P, but the service says the outlook for California is positive. Illinois falls into the "negative outlook" category.