Saturday, January 26, 2013

Standard & Poor's drops Illinois credit rating to dead last among 50 US states, $97 billion owed to 5 state pension systems-Chicago Tribune

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1/25/13, "Illinois credit rating sinks to worst in nation," Chicago Tribune, Long, Garcia

"Illinois fell to the bottom of all 50 states in the rankings of a major credit ratings agency Friday following the failure of Gov. Pat Quinn and lawmakers to fix the state’s hemorrhaging pension system during this month’s lame-duck session.

Standard & Poor’s Ratings Service downgraded Illinois in what is the latest fallout over the $96.8 billion debt to five state pension systems. The New York rating firm’s ranking signaled taxpayers may pay tens of millions of dollars more in interest when the state borrows money for roads and other projects."...via Free Republic

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