State Bond Rating Cut After Budget Failure

The day after Illinois lawmakers failed once again to reach a budget deal by the end of the regular session, the state’s credit rating is taking a hit.  S&P Global Ratings is dropping the state’s debt grade to BB+, one step above junk status.  The rating agency says the downgrade reflects the deterioration of the state’s fiscal condition that’s a by-product of the budget stalemate.  Governor Rauner blamed House Speaker Michael Madigan and the Democrats for the rating cut, while a spokesman for Madigan called that comment “typical Rauner incompetence.”

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