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WGN | Deep blue Illinois now has worst credit rating in the nation

Illinois’ credit  rating has taken another hit.   Standard & Poor’s Ratings  Service downgraded the state from an “A” rating to “A-minus”, making it the  worst in the country.
The New York ratings firm’s ranking means taxpayers may have to pay tens of  millions of dollars more in interest when the state borrows money for roads and  other projects.
The downgrade is the latest fallout over the $96.8 billion debt to five  state pension systems.
The downgrade now ties Illinois with California, but California has a  positive outlook.
Illinois’ fragile overall financial status netted it a negative outlook,  putting it behind California overall.
The ratings came out now because Illinois plans to issue $500 million in  bonds within days.

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