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updated: 6/7/2013 10:24 AM

Moody's joins Fitch in downgrading Ill. credit

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Associated Press

A second major rating agency is downgrading Illinois' credit worthiness.

Moody's Investors Service lowered the state's $27 billion in outstanding bonded indebtedness Thursday to A3 from A2. The new rating's three levels above junk status.

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Illinois has the worst credit rating among states.

Fitch Ratings downgraded Illinois' credit Monday.

Both firms blame lawmakers' lack of action on a $97 billion pension shortfall.

The Legislature adjourned its spring session without adopting a plan to make up the difference over 30 years, but the governor's calling lawmakers back to Springfield for a special session.

A downgrade costs the state millions more to borrow money when it sells future bonds.

Standard & Poor's reported Thursday it's keeping its A- rating for Illinois after predicting earlier there'd be no pension solution by May.

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