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Moody's downward outlook on Illinois

By WEEK Reporter

Moody's downward outlook on Illinois

December 14, 2012 Updated Dec 17, 2012 at 12:14 PM CDT

Moody's Investors Services revised the credit outlook for Illinois on Thursday from stable to negative.

The reason: Illinois' "severe pension funding shortfall."

The state's pension system is currently underfunded by an estimated $96 billion, a number that continues to grow by the day.

Governor Quinn has set a January 9 deadline to establish a pension reform.

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