Just when you thought it couldn’t get any worse, Illinois’ credit rating takes another hit.
Moody’s issued a bond downgrade Thursday, citing the state’s ongoing budget stalemate. Illinois’ credit now stands just two notches above junk status. The move comes just as the state planned to borrow $550 million. As a result of the downgrade, it will now cost more in interest to borrow that money.
Gov. Bruce Rauner (R-IL) issued a statement blaming House Speaker Michael Madigan and the democrats. “Every rank-and-file democrat who blindly followed the Speaker down this path is directly responsible for the downgrade.”