Illinois Governor: Rating Reduction 'No Surprise'

Posted:

SPRINGFIELD, Ill. (AP) -- Illinois Gov. Pat Quinn says the latest reduction in the state credit rating is no surprise but should still drive home the need for quick action on government pensions.

Quinn says he wants to resume negotiations with legislative leaders early next month.

Standard & Poor's announced Wednesday that is has lowered the Illinois credit rating a notch. Only one other state is below Illinois.

The firm says its decision was based largely on the massive funding shortfall in public retirement systems and the lack of movement toward a solution.

In a statement, Quinn says the problem is politics. He didn't blame anyone specifically, but in the past he has accused Republican leaders of standing in the way.

Current Conditions
/