A failed special session that was supposed to lead to the passage of pension reform has pushed Illinois closer to a downgrade of its credit rating.
Moody's Investors Service took note of that today, calling the failure a "credit negative." That could signal a future downgrade in Illinois's credit rating, which is already the lowest in the country - making it more expensive for the state to borrow money.
Standard & Poor's Ratings Services issued a similar warning on Wednesday.
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