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: Families Fight To Keep Memorial Trees Offered Through Chicago Park District After Being Told Of Golf Course Plans
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: Mother Who Heard Shots, Death Of Adam Toledo Shares What She Heard, Neighborhood Insight
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 Pack Logan Square Over Police Shooting Of Adam Toledo
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