Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Fitch lowers Illinois' credit rating due to budget 'failure'
Published Feb 1, 2017
CHICAGO (AP) - A major credit rating agency has again downgraded Illinois' rating, citing the "unprecedented failure" to approve a state budget.
Fitch Ratings lowered the rating Wednesday on nearly $26 billion of general obligation bonds from BBB+ to BBB. That's a few levels above "junk" status.
Illinois already has the worst rating of any state. The lower rating means taxpayers pay more when Illinois borrows money.
Fitch noted lawmakers haven't passed a budget for two consecutive years and spending is occurring at levels "far in excess" of what the state is bringing in.
Read more: http://www.pjstar.com/news/20170201/fitch-lowers-illinois-credit-rating-due-to-budget-failure