SPRINGFIELD, Ill. (AP) — One of the three major ratings agencies has downgraded the value of Illinois state government credit.
Fitch Ratings said Monday it would drop the Illinois rating from “A” to “A-” based on lawmakers’ failure to enact a solution to the state’s public-employee pension crisis.READ MORE: Student And Staff Data From Area School District Were Dumped On The Dark Web, And Parents And Staffers Had No Clue
Illinois already has the lowest rating in the nation. Lower ratings mean paying higher interest rates on borrowed money.
Gov. Pat Quinn is trying to schedule a meeting of legislative leaders for Tuesday.READ MORE: Chicago Weather: Cold Front On The Way
Decades of state underfunding has left the five employee retirement systems $97 billion below what they need to cover future obligations.
The House and Senate both enacted their own plans toward a solution, but neither chamber adopted the other’s proposal.
The Legislature adjourned its spring session Friday without taking any action.MORE NEWS: Protesters Say Benet Academy In Lisle Rescinded Lacrosse Coach's Job Offer Because She Is A Lesbian
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