Looks like Illinois will spiral down faster and farther than even California!--
Illinois' credit rating downgraded after pension reform failure - Chicago Tribune: "Only California is ranked lower than Illinois by the S&P, with a credit rating of A-. But unlike Illinois, California has been given a "positive outlook." Illinois already has the lowest credit rating in the nation from Moody's Investors Service, which has warned that another downgrade is possible unless something is done to address the state's growing pension liabilities."
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