Fitch State Hit With Another Bond Rating Downgrade By WNIJ • Jun 4, 2013 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. Illinois' Credit Rating Faces More Scrutiny By Amanda Vinicky • Jan 12, 2013 state of Illinois All three major credit rating agencies have labeled Illinois' financial outlook a "negative." Fitch issued its downgrade Friday. Fitch blames its action on lawmakers' failure to pass a pension overhaul before adjourning Tuesday.