Thursday, February 02, 2017

ILL-inois: Credit rating lowered again

Democrats have destroyed Illinois. Yes, the Land of Lincoln has a Republican governor, reformer Bruce Rauner, but he's stymied by Illinois House Speaker Michael Madigan who is also the state Democratic Party chairman. Madigan's daughter is the state attorney general. Gerrymandering allowed Madigan supermajorities during the first two years of Rauner's term.

Illinois is losing population. The state is paying for Madigan's sins.

And it will be paying more for them.

AP tells us why:
A major credit rating agency has again downgraded Illinois' rating, citing the "unprecedented failure" to approve a state budget.

Fitch Ratings lowered the rating Wednesday on nearly $26 billion of general obligation bonds from BBB+ to BBB. That's a few levels above "junk" status.

Illinois already has the worst rating of any state. The lower rating means taxpayers pay more when Illinois borrows money.

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