Illinois downgraded to worst credit rating in the nation

Thanks to Illinois Speaker of the House Michael J. Madigan, Illinois Senate President John Cullerton and Gov. Pat Quinn - ILLINOIS HAS BEEN DOWNGRADED TO THE WORSE CREDIT IN THE NATION!

Illinois' credit standing took another tumble on Friday as Standard & Poor's Ratings Services downgraded the state by one notch to A-minus and raised the possibility it could fall further.

S&P, which had lowered Illinois to A from A-plus in August, placed a negative outlook on the lower rating, saying legislative consensus and action would be needed to tackle challenges, including the state's huge unfunded public pension liability.

"While it is unusual for a state rating to fall into the BBB category, lack of action on pension reform and upcoming budget challenges could result in further credit deterioration, particularly if it translates into weaker liquidity," S&P said in a report.

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