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April 21, 2014, 11:03 am
970 WMAY News

Illinois' Credit Rating Downgraded Twice in Two Weeks


Two downgrades in one week … Moody’s that has downgraded Illinois' credit rating.

 

This time Governor Pat Quinn is out front saying that the failure of the legislature to act on pension reform is not his fault.

 

In a release Thursday afternoon, Quinn says he has pushed the legislature time and again to act on pension reform.

 

Moody’s has downgraded the state From A2 to A3, citing the failure to enact pension reform.

 

Earlier this week Fitch downgraded the state from A to A-.

 

Quinn says taxpayers are paying $17 million a day because of the inaction by the General Assembly.

 

State Treasurer Dan Rutherford also put out a statement Thursday saying two downgrades in one week is unprecedented.

 

Rutherford said “This week has been a disgraceful reminder” that “there is an obvious lack of leadership in our great state.”

 

Governor Quinn has called for a special session June 19th to deal with public sector pension reform.

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