Fitch lowers Illinois' credit rating due to budget 'failure'

Published Feb 1, 2017

CHICAGO (AP) - A major credit rating agency has again downgraded Illinois' rating, citing the "unprecedented failure" to approve a state budget.

Fitch Ratings lowered the rating Wednesday on nearly $26 billion of general obligation bonds from BBB+ to BBB. That's a few levels above "junk" status.

Illinois already has the worst rating of any state. The lower rating means taxpayers pay more when Illinois borrows money.

Fitch noted lawmakers haven't passed a budget for two consecutive years and spending is occurring at levels "far in excess" of what the state is bringing in.

Read more: http://www.pjstar.com/news/20170201/fitch-lowers-illinois-credit-rating-due-to-budget-failure