Moody’s and S&P downgrade Illinois’ credit rating, the 16th and 17th downgrades since 2009

By Ted Dabrowski, John Klingner
Major ratings agencies have assigned a negative outlook to Illinois. To move forward, the state can’t pass just any budget – especially one that’s $7 billion out-of-whack – to get beyond its crisis. With today’s fiscal stress, a bad budget is worse than no budget. A budget without reforms will only allow Illinois’ debt to continue to spiral, putting investors – and more importantly, Illinois residents – at risk.

TAGS: credit rating, Moody's Investor Service