Illinois downgraded again, this time by Moody’s
posted at 1:06 pm on June 7, 2013 by Guy Benson
Moody’s Investors Service on Thursday downgraded Illinois’ general obligation credit rating by one notch — to the lowerst rating in the state’s history — following a move earlier this week by Fitch Ratings. Moody’s downgraded Illinois’ $27 billion of general obligation debt to A3 from A2, with a negative outlook after state lawmakers last week failed to pass a plan to deal with a $100 billion unfunded public pension liability. Even prior to the downgrade, Illinois had the lowest rating of any U.S. state.
Friendly reminder: Illinois is controlled by a Democrat governor and Democrat super-majorities in both houses of the legislature; they’ve all worked together to raise taxes on families and businesses. No gridlock, just liberal results — kind of like Obamacare! Incidentally, the state with the second-worst credit rating in the Union is California, where Republicans are similarly powerless. These are obviously bizarre coincidences because it’s widely known that liberal governance is very compassionate; what kind of monsters would even dream of downgrading Our Children’s Future?
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