A second major credit rating agency has downgraded Illinois' rating, citing financial "mismanagement" by state leaders amid a yearlong budget impasse.
S&P Global Ratings lowered the rating Thursday from BBB+ to BBB. The agency says the lack of a budget for the current fiscal year has "left Illinois with unmanaged spending" that could go on for another year.
Illinois had the worst credit rating of any state even before the current impasse between Republican Gov. Bruce Rauner and majority Democrats.