Moody’s Gives Illinois Worst Credit Rating In Nation

SPRINGFIELD, Ill. (AP) — Illinois has been given the lowest credit rating of any state in America by Moody’s Investors Service.

Moody’s lowered Illinois’ rating Friday by another notch, to A2. No other state has such a low rating from Moody’s. Only one other state, California, even gets the next-highest rating.

A lower rating generally means the state has to pay more interest when it sells bonds. That increases costs to taxpayers.

Moody’s says it lowered the credit rating because Illinois officials haven’t taken steps to end chronic delays in paying bills or to strengthen government pension systems that are short of money.

The agency says Illinois suffers from “weak management practices.”

Gov. Quinn’s budget office issued a statement saying two other rating agencies think the state is taking proper measures to fix its finances. The statement also said additional pension reforms must be enacted.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Tommy

    Because Quinn the Union loving dummycrat did nothing to fix the issues regarding the increasing debt load that the Public Unions are accruing to the People of the State of Illinois, i.e. he should have done as the Governor of Wisconsin did and make them pay in to their retirement at a much much much higher rate, he should be grabbed off the street by the People fo the State of Illinois, then tossed ALIVE in to a block of wet concrete labeled, “A2” and dumped in to Lake Michigan a week after the concrete sets.

    Quinn the dummy Democrat passed a billion dollar tax hike on the People of the State of Illinois to balance the budget, then did not get rid of ONE stinking Public Union job, or make the stinking Unions pay in to their retirements…so this is not going away, he just kicked the can down the road to next year.

    And how many are commenting on the story? 3 people…hahahahaha, Illinois sucks.

  • Mario

    Take a long hard look at Detroit, Chicago, I know you think it’s hard to imagine, but by mid century (and that ain’t that long away) you’ll know exactly what it feels like. 2030, Chicago, pop. 1.9 million (overtaken by Houston, Phoenix, and San Antonio), tax rate? still the highest in the nation!

  • dan

    Aw heck who cares? We’ll just borrow money at a higher interest rate to pay down our bills….Or maybe just go bankrupt and stiff all the vendors!

    Cut unneeded jobs? No way! Jobs = Votes

    Cut unneccessary spending? Nah! Too much work

    Raise taxes? Now were talking! The chumps of Illinois can pay a little more for the privledge of living in the worst run state in the nation (lousiest rating = lousiest managed)

  • steven

    These are the Guys Moody whom also whom said that the mortgage backed securities where safe, when the housing market crashed, so how can their rating system be trusted

  • Bruce

    Kudos to Quinn and Madigan. Good job, guys!

  • Civilized

    Hey Mario, what will be tonight’s winning lottery numbers?

  • Justforfacebook

    Hogwash… Moody’s at one time may have been worthwhile, however they are just another archiac institution, who is using their standards to push political views… For them to claim Illinois is the worst, is clearly an attempt to start a war within the atate, to try and oust the Democrats… People have been blowing this smoke about higher interest rates, yet everyone knows the Feds have been keeping the rates practically close to 0….

  • Steve Bayne

    We live in a democracy. This is what the voters of Illinois wanted and this is what they are getting. There is no real objection on the horizon with consequences. Quinn has no fear because there is nothing to fear. He’s for the workin’ man, can’t you see?

  • naked man sitting in hard chair

    I think it was Lenin who said, “People deserve the government that they have.”

  • tom Sharp

    Not a peep about this report from the Mighty Quinn (who was ragging on CNBC 6 months ago about how great the state was doing!!!), the crook Madigan, the phony reformer Cullerton or the promise breaker Rahmster! Staple the Moodys report to their foreheads then vote them all out–TERM LIMITS OF ONE!

  • Zastava

    Took the words right outta my mouth.

  • I just farted

    But the important thing is the state politicians receive their hard-earned pensions, averaging $95,000/year. Some receiving more than two!

    In a democracy, you can only blame the voters.

  • Toonces

    ILLAnnoy sucks.

blog comments powered by Disqus
Daily Weather Reports Delivered To You!SIGN UP NOW: Get daily weather reports every morning from meteorologist Steve Baskerville!
CBS Sports Radio RoundupGet your latest sports talk from across the country.

Listen Live