Moody’s Investors Service has issued a “credit negative” warning against the state in light of last Friday’s State Supreme Court ruling rejecting changes to public pensions. It’s a somewhat tepid response to the ruling, relative to the double ratings drop Moody’s applied to city of Chicago’s credit, resulting in junk bond status. In today’s report, Moody’s says the reforms could have reduced the unfunded pension liability by about $21 billion.