Illinois State Treasurer Dan Rutherford reacts to S&P’s outlook

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Chicago – December 10, 2013 – “Today’s announcement by S&P to shift the state’s credit outlook to “developing” from negative acknowledges that Illinois recently made a tough policy decision on funding its pension systems,” said State Treasurer Dan Rutherford.

“Whether or not Illinois’ bond rating is raised or lowered in the near future, however, remains dependent upon whether or not the courts allow pension reform to be implemented, and how our state deals with its budgetary difficulties.”

S&P stated developing outlook reflects the implementation risk – legal and budgetary – associated with various provisions of the pension reform, as well as the overall structural budget challenges facing the state.

“This unusual rating is indicative that there is still much work to be done in order to bring fiscal stability back to Illinois,” said State Treasurer Rutherford.

 

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