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Illinois's Downgrade Makes It America's Greece

By Investor's Business Daily, Investor's Business Daily - January 29, 2013

State Budgets: Inability or unwillingness to fix the state's hemorrhaging pension system and curb union power has led a major credit rating service to downgrade the Land of Lincoln's rating to the lowest in the nation.

On Friday, the bond rating agency Standard & Poor's downgraded the state's credit level again, to A-, putting Illinois' on par with California. No, actually below California, for S&P gives California 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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