S&P puts Illinois rating on watch list for possible downgrade

[May 09, 2015]  CHICAGO, May 8 (Reuters) - Standard & Poor's Ratings Services put Illinois' A-minus credit rating on a watch list on Friday for a possible downgrade after the state supreme court voided a law aimed at easing the state's huge public pension liability.

The credit rating agency said it has a three-month window in which it will focus on the upcoming fiscal 2016 Illinois budget.

"Absent a credible budget for fiscal 2016 that has structural alignment of revenues and expenditures, we would lower our rating on Illinois to the 'BBB' category," S&P said in a statement. (Reporting By Karen Pierog; Editing by Ken Wills)

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