ILL-inois: State's credit rating dropped again, two levels above junk

Despite the efforts of Republican reform governor Bruce Rauner, Illinois is headed further into its sinkhole.

Democratic boss Michael Madigan, who has been state House speaker for 31 of the last 33 years, is the problem. His fingerprints are on every budget since the early 1980s.

From AP:

A major credit rating agency has downgraded Illinois' rating to two levels above "junk" status, citing the "political gridlock" that's prevented the state from getting a balanced budget for more than a year.

Moody's Investors Service lowered Illinois' rating Wednesday on $26 billion in debt by one level, to Baa2. The downgrade also affects $2.75 billion in revenue bonds.

Moody's noted Illinois has a multibillion-dollar budget gap and its bill backlog is likely to exceed a previous record of $10 billion.

Even before the current year-long budget impasse Illinois suffered from the worst credit rating of the 50 states. Which means that was before Rauner was elected to fix Madigan's mess.

Chicago's credit level, and that of Chicago Public Schools, are at junk level.

And now it's time for the tagline:

Furthermore, I consider that Michael Madigan must be defeated.