State Hit With Another Bond Rating Downgrade

Jun 4, 2013

Credit state of Illinois

Governor Pat Quinn is calling for a meeting today with legislative leaders to discuss Illinois' pension crisis. The move comes after a downgrade of the state's bond rating.

Fitch says it lowered Illinois from A to A minus with a negative outlook due to the state's inability to pass a pension overhaul.

It provoked a string of press releases.

-from Republican Treasurer Dan Rutherford - who just declared his candidacy for governor - calling it disgraceful and irresponsible.

-from House GOP Leader Tom Cross, who placed the blame on the legislature's Democratic leaders, who favor opposing methods of addressing pensions.

-from a coalition of unions - who side with the Senate President on that account - calling the downgrade "unavoidable."

Even before the downgrade, Democratic Representative Jack Franks of Marengo, faulted Governor Quinn. He spoke during the final hour of the spring session.

"We have not seen the Governor. He has not done his job!" Franks said.

Quinn issued a release - placing blame on the General Assembly. The governor says if he could, he'd sign an executive order to address the issue. Since he can't, he says lawmakers need to send him a bill.