Agency warns pension ruling a ‘credit negative’ for Kentucky

FRANKFORT, Ky. (AP) — A Supreme Court ruling striking down changes to Kentucky’s troubled pension systems has earned a warning from one of the country’s largest credit ratings agencies. Moody’s on Thursday declared the court’s ruling a “credit negative” for Kentucky, saying it delayed reforms to the state’s severely underfunded pension plans. The declaration does not change Kentucky’s credit rating, but it indicates the uncertain future of the state’s ability to pay off its massive pension debt.