Moody's downgrades Illinois credit - chicagotribune.com: "Moody's downgraded Illinois' $27 billion of general obligation debt to A3 from A2, with a negative outlook after state lawmakers last week failed to pass a plan to deal with a $100 billion unfunded public pension liability. Even prior to the downgrade, Illinois had the lowest rating of any U.S. state. "Our rating now assumes the government will not take action to reduce the state's pension liabilities any time soon," Moody's said in a statement."
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