(photo from flickr)
For the second time in a week, the state of Illinois' credit rating has been downgraded. This time Moody's Ivestor Service has downgraded the rating from A2 to A3.
Earlier in the week, Fitch's also downgraded the state from and A to an A-. Governor Pat Quinn says the reason is lack of pension reform.
"Time and time again over the past two years, I have proposed, asked and pushed members of the General Assembly to send me a comprehensive pension reform bill," Quinn said. “Time and time again, failure to act by deadlines has resulted in the bond rating agencies lowering our credit rating, which hurts our economy, wastes taxpayer money and shortchanges the education of our children."
The Governor has called and emergency session of the General Assembly in Springfield on June 19th to try and fix the problem.