Illinois’ Credit Rating Downgraded

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Illinois House Passes Budget Plan_09068378-159532

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.”

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