CHICAGO — The Cook County, Ill., Board of Commissioners late Friday approved a $2.9 billion 2012 budget that credit analysts praised as taking some steps toward long-term structural reform for the nation’s second-most-populous county.

Analysts from Fitch Ratings and Moody’s Investors Service, both of which downgraded Cook in recent months, said the spending plan’s mix of cuts and tax increases should help stabilize operations.

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