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August 20, 2014, 7:41 am
970 WMAY News

Credit Downgrade Doesn't Keep Bond Buyers Away


Despite recent credit downgrades, Illinois has had no problem finding buyers for its latest bond sale.

 

But Governor Pat Quinn says the state paid a price for not resolving the pension crisis.

 

Uncertainty about the state’s finances drove up the interest rates that Illinois will have to pay to bondholders.

 

Quinn says that will cost taxpayers $130 million over the 25-year lifespan of those bonds.

 

The bonds are being used to finance various state construction projects.

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