CHICAGO – Illinois’ credit rating has fallen so low that the state is too risky an investment for even itself, Comptroller Susana Mendoza and Treasurer Michael Frerichs announced Friday.
SPRINGFIELD – On our 701st day without a budget, two more bond rating agencies gave Illinois the 7th and 8th credit downgrades since Gov. Rauner took office 2 ½ years ago. Before he took office, Illinois had been paying its backlog of bills down. It got down to less than $5 billion. In just two years of his failed leadership, he has about tripled that stack of unpaid bills to $14.5 billion and growing. Both Standard & Poor’s and Moody’s dropped the state to one grade above junk status Thursday.
SPRINGFIELD – I’m disappointed that Governor Bruce Rauner did not work to compromise with lawmakers to get a balanced budget passed by the end of the spring legislative session. As the bond rating agency Standard & Poor’s said earlier this year, the state’s budget crisis is a “man-made byproduct of policy ultimatums placed upon the state's budget processes” by the Governor.