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Moody’s Downgrades Illinois’ Credit Outlook To Negative

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Gov. Pat Quinn. (Credit: Craig Dellimore/WBBM Newsradio)

Gov. Pat Quinn. (Credit: Craig Dellimore/WBBM Newsradio)

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CHICAGO (CBS) — Illinois’ financial condition is taking another hit.

Moody’s Investor Services has downgraded the state’s credit outlook from stable to negative.

Illinois is behind everybody, even California.

“It’s important for the legislature to understand that until we address the pension reform challenge, we will continue to have problems with our bond rating,” said Gov. Pat Quinn.

He added that will make it difficult to borrow money to build roads and public buildings.

State Treasurer Dan Rutherford is not overly concerned about a pension solution winding up in court.

“If the reason we are having inaction is because we’re constipated because of fear of a legal challenge going to the Supremes, my attitude is: go for it. Put the best legal minds to it, figure out the best position for choice that we believe can pass constitutional muster, and put it out there,” said Rutherford.

LISTEN: WBBM Newsradio’s Dave Dahl reports

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