CHICAGO — Moody’s Investors Service on Thursday warned Illinois that its A1 general obligation rating is at risk for a downgrade due to escalating strains from massive pension obligations, reliance on one-times revenues, and an increasing debt load amid a fragile economic recovery.

Moody’s revised its outlook on the state’s $25 billion of GOs and other related debt to negative from stable. A downgrade would give the state the distinction of holding the lowest Moody’s rating among states. California is the only other state currently rated at A1.

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