Illinois Credit Rating Now Worst in the Nation
January 26, 2013 - 10:52 am
Illinois is proud to be first in the nation in horseradish production. We are second in corn and soybeans, and fourth in hogs.
An impressive ranking to say the least. Now, Standard and Poors has given Illinois another grand distinction.
The Land of Lincoln now has the worst credit rating of any state in the nation:
llinois’ credit rating has taken another hit. Standard & Poor’s Ratings Service downgraded the state from an “A” rating to “A-minus”, making it the worst in the country.
The New York ratings firm’s ranking means taxpayers may have to pay tens of millions of dollars more in interest when the state borrows money for roads and other projects.
The downgrade is the latest fallout over the $96.8 billion debt to five state pension systems.
The downgrade now ties Illinois with California, but California has a positive outlook.
Illinois’ fragile overall financial status netted it a negative outlook, putting it behind California overall.
The ratings came out now because Illinois plans to issue $500 million in bonds within days.
Finally…we beat California at something. We Illinoisans have always had an inferiority complex when we compare ourselves to New York and California. This move by S&P should alleviate our feelings of inadequacy — at least temporarily. After all, California is run by Jerry Brown and his unpredictability cannot be underestimated. He is liable to do something incredibly stupid and put California right back on top when it comes to the worst credit rating of any state.
Our next goal should be to overcome our disappointing third place finish in the most politically corrupt state rankings and surge by California and New York to achieve victory in that category as well.