Illinois Credit Rating Worst In Nation
Illinois illustrates an example of what Democrats leadership can do to a state.
by Ray Long and Monique Garcia, Clout Street - 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.
“It’s absolutely bad news for taxpayers,” said Dan Rutherford, the Republican state treasurer. Illinois received its bottom-of-the-pack ranking when it fell from an “A” rating to “A-minus.”
That’s the same rating as California, but California has a positive outlook. ... [Read Full Story]
Tags: Illinois, credit rating, Standard's and Poor, rating, worst in the nation, democrat leadershipTo share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
by Ray Long and Monique Garcia, Clout Street - 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.
“It’s absolutely bad news for taxpayers,” said Dan Rutherford, the Republican state treasurer. Illinois received its bottom-of-the-pack ranking when it fell from an “A” rating to “A-minus.”
That’s the same rating as California, but California has a positive outlook. ... [Read Full Story]
Tags: Illinois, credit rating, Standard's and Poor, rating, worst in the nation, democrat leadershipTo share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 6:28 PM - Post Link
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