Illinois loses credit rating - Chicago

By Catholic Online (NEWS CONSORTIUM)
1/11/2013
Catholic Online (www.catholic.org)

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.

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CHICAGO, IL (Catholic Online) - The state's credit rating remains a "A" which is a low rating to begin with, but is now listed as "rating watch negative." While the rating letter stayed the same, the negative watch will cause interest rates to rise for the state.

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.
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Keywords: Illinois, credit rating, Fitch, Quinn, debt

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1 - 1 of 1 Comments

Lindangel
4 months ago
Well Chicago, "your chickens have come home to roost", you are broke!! Thanks to your liberal, democratic politics and your favorite son--Obama and the unions. Look out--America--this is what your socialist president will do to the rest of our country.

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