Moody's Investor Service

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.

The Quad, University of Illinois Urbana-Champaign
Clay Gregory / flickr.com/claygregory (CC BY-NC 2.0)

Six of Illinois’ state universities have been put on notice for credit downgrades. It’s the latest knock on state government after more than 21 months without a full budget.

U.S. Department of Justice press conference
Chicago Tonight | WTTW-TV

Full show including:

  • DOJ Finds Civil Rights Abuses in Chicago Police Department
  • As City Prepares to Borrow $1.2B, Mayor Asks Moody’s to Withdraw Ratings
  • Kurt Vonnegut Artwork Finds New Home at Chicago Veterans Museum

npr.org

It's a rare occurrence of late: A credit rating agency saying something positive about Illinois' finances. But the comment published Tuesday by Moody's Investor Service was tempered.

Illinois could end up having to put an additional half billion dollars into one of its pension funds next year.

As the name suggests, the Teachers Retirement System is the retirement benefits fund for all Illinois public school teachers outside of Chicago.