By RFD Radion Network/WFMB
CHICAGO- Another credit downgrade for the state as Moody’s Investor Services cut the state’s rating. The new rating is Baa2 and Moody’s, to no one’s surprise, added a negative outlook for the state. Moody’s notes a factor in the decision is the on-going budget stalemate.
The Governor’s office released a statement saying “This report underscores the need for real structural changes to repair the years of unbalanced budgets and deficit spending by the majority party on Illinois’ finances. Every rank-and-file Democrat who blindly followed the Speaker down this path is directly responsible for the downgrade.”
The downgrade leaves the state just a few rungs above junk bond status.
