Illinois loses credit rating - Chicago
Only California is lower.
Fitch Ratings has downgraded Illinois' credit rating citing the state's ongoing failure to address public pension debt. The state may now find it harder to borrow money, facing higher interest rates.
So far, Gov. Quinn cannot get lawmakers to sit down to talks to resolve the state's debt crisis.
The state will now have to pay higher interest rates if it wants to borrow money.
Only California has a lower credit rating.
The cause is the state's nearly $100 billion in debt which remains unaddressed. Without reform, the rating will inevitably be dropped further.
So far, Gov. Quinn has been unable to get state legislators to work together to resolve the state's debt problem.
© 2013, Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Illinois, credit rating, Fitch, Quinn, debt
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