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Just hours after Illinois lawmakers missed the May 31 deadline for striking a budget deal, Moody’s Investors Service and S&P Global Ratings downgraded Illinois’ bond rating to one step above junk status. The agencies cited Illinois’ underfunded pensions and the record backlog of bills stemming from the state’s two-year budget impasse. Illinois now has the lowest ranking on record for a U.S. state. (Peoria Journal-Star)

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