credit downgrade

Michael Madigan
Brian Mackey / NPR Illinois

Two bond rating agencies say Illinois is on the right path with the budget plan passed Sunday in the state House of Representatives.

Brian Mackey / NPR Illinois

A day after the Illinois General Assembly ended it’s spring session without passing a budget, two bond rating agencies have downgraded the state’s credit.

The actions, by S&P Global Ratings and Moody's Investors Service, leave state government debt just one step above “junk” status.

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Members of the Illinois House and Senate will be in Springfield again Tuesday, but there's still no budget deal for them to vote on.

Illinois' public university presidents had warned in a letter of the "irreparable damage" being caused by having to wait three months, and counting, for state money to come their way. Now, they're taking their case to the capitol. University leaders could have audiences with the governor, and legislative leaders. Senate President John Cullerton's spokeswoman, Rikeesha Phelon, Cullerton will set aside time to meet with them.