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Published on Sep 18, 2012
On August 17, 2012 the Illinois General Assembly ended its special session, having failed to pass comprehensive reforms to the state's pension system, which S&P has cited as one reason for its downgrade of the state's general obligation debt from A+ to A with a negative outlook. Ratings downgrades can increase interest costs on bonds, resulting in higher expenses for state infrastructure projects including schools, highways and other improvements.