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Illinois credit downgraded to worst in U.S.
Posted By -NO AUTHOR- On 01/27/2013 @ 12:58 pm In Money,Politics,U.S. | No Comments
(WGNTV) — A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money.
On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest,
When compared to a perfect triple-a bond rating enjoyed by other11 states including neighboring Indiana, Iowa and Missouri.
“Our problem in Illinois is that we have not substantively and fairly addressed the state public pension issue.”
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