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$500 Million State Bond Sale Postponed
Illinois officials have delayed borrowing $500 million for construction projects because the pension crisis makes the state's debt more expensive.
A spokesman from the governor's office said a bond sale scheduled for yesterday was postponed after potential bidders warned of an "unsettled" market.
Standard & Poor's is the latest credit agency to downgrade the state's credit rating.
The bond sale will be rescheduled after markets review the situation. It was originally planned to fund school and transit projects.
AP contributed to this report.