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Moody's Cuts Illinois' Bond Rating
CHICAGO (AP) -- Moody's Investors Service has cut Illinois' bond rating, citing the state's shrinking revenues and growing debt.

Moody's sliced the state's rating on general obligation bonds from A1 to Aa3. The lower credit rating usually means it'll cost the state more when it tries to borrow money.

Gov. Pat Quinn has announced plans to borrow $1 billion this month for capital projects.

In lowering the rating, Moody's blamed Illinois officials for not coming up with a lasting solution to the state's financial problems.

Kelly Kraft is a spokeswoman for Quinn's budget office, and she says the report highlights why it's important for lawmakers to work with the governor on the budget.

Moody's says the longer solutions are deferred, the more difficult they'll become to implement.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
06 08 10 by Newsroom
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