S&P lowers Illinois’ credit rating over pension crisis

The Chicago Sun-Times reports:

Standard & Poor’s Ratings Services announced Wednesday that it is lowering Illinois’ rating a notch. The decision is based on weak funding for government pensions and a “lack of action on reform measures.”

Only California has a lower rating from S&P, but the service says the outlook for California is positive. Illinois falls into the “negative outlook” category.

Just a reminder, when Barack Obama was an Illinois State Senator: he voted for the status quo year after year like all good Cook County Democrats.