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S&P Revises Illinois Outlook Downward

S&P Revises Illinois Outlook Downward

Photo: Newsradio WTAX

Standard & Poor’s Ratings Services has changed its outlook on Illinois’ credit rating for the worse.

It revised its outlook from “developing” to “negative” on Illinois’ A-minus rating. S&P says the state’s $35.7 billion budget isn’t structurally balanced. It also cites an Illinois Supreme Court ruling that found the state can’t force retirees to pay for part of their health care.

S&P says if the pension overhaul is found unconstitutional it could have a “profound and negative effect on Illinois’ budgetary performance and liquidity.”

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