+1 State Credit Downgrade Due to Pension Liability. Quick Read the Facts:

Credit Rating Agency: S&P Global Ratings

Credit Rating Reduction: to  A from A+

Statement on Credit Rating Reduction: 

•  “increased budgetary strain from rising costs associated with pension obligations,”
• “uneven budgetary management that has relied on expenditure cuts and weakened reserve levels during a period of economic expansion,”
•  high level of fixed costs for its pension obligations and Medicaid are likely to remain such, further pressuring future budgets.”

State:  Kentucky

Pension Libaility: total unfunded liabilities at $64 billion 

Pensions & Investments | Kentucky’s pension obligations contribute to S&P credit rating downgrade