Illinois loses credit rating - Chicago

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.

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.

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