Fitch downgrades Illinois' credit rating due to budget fight
A major credit rating agency has downgraded Illinois' rating on outstanding bonds because of the state budget crisis.
Fitch Ratings on Monday lowered the rating on $26 billion in general obligation bonds from A- to BBB+. That's a few levels above what's considered "junk" status.
Fitch cited lawmakers' failure to pass a budget for the July 1 fiscal year, above-average debt and "exceptionally high" unfunded pension liabilities.
Catherine Kelly, a spokeswoman for Republican Gov. Bruce Rauner, said he is fighting to "put the state on the path to fiscal health," but the Democrat-led legislature is standing in his way.
Rikeesha Phelon, a spokeswoman for Democratic Senate President John Cullerto, said Illinois can't afford for Rauner "to prioritize his corporate class agenda over basic budget math and governing."