Illinois Credit RatingSubmitted by emalvini on Tue, 01/29/2013 - 23:02
Illinois Credit Rating
Here is the latest on Illinois credit rating, Ca. came in just ahead of them.
By Ray Long and Monique Garcia | Clout Street
January 25, 2013
The Illinois State Capitol, Springfield. Standard & Poor's Ratings Service downgraded Illinois' credit rating. (E. Jason Wambsgans, Chicago Tribune)
SPRINGFIELD — Illinois fell to the bottom of all 50 states in the rankings of a major credit ratings agency Friday following the failure of Gov. Pat Quinn and lawmakers to fix the state’s hemorrhaging pension system during this month’s lame-duck session.
Standard & Poor’s Ratings Service downgraded Illinois in what is the latest fallout over the $96.8 billion debt to five state pension systems. The New York rating firm’s ranking signaled taxpayers may pay tens of millions of dollars more in interest when the state borrows money for roads and other projects.