Moody's downgrades Illinois credit rating--again

Despite Governor Pat Quinn's "temporary" income tax hike, Moody's decided to lower Illinois' credit rating again--from A1 to A2. That's still investment grade, the Chicago Tribune says, but in the middle of it.

Why the downgrade? Moody's says its move "follows a legislative session in which the state took no steps to implement lasting solutions to its severe pension underfunding or to its chronic bill payment delays."

The other two major ratings agencies are keeping Illinois at the same, but not so great, level.

Illinois' leadership is failing.

Technorati tags: politics Democrats Illinois Democrats illinois politics Patrick Quinn pat quinn