S&P

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

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.

Gov. Bruce Rauner will make his annual budget address to the Illinois General Assembly this Wednesday. It comes as state government has gone more than 19 months without a real budget.

That’s led the financial experts at credit rating agencies to issue a series of downgrades and dire assessments. The latest is called "For Illinois, Having a Plan Beats No Plan." It comes from S&P Global Ratings, where Gabriel Petek analyzes state governments.

Illinois' fiscal health continues to tumble, in the eyes of the analysts who assign credit ratings.

Moody's. S&P. Fitch. All three of the nation's big credit rating agencies have taken notice of the state's ongoing budget impasse.

None are impressed with what they're seeing. 

A major credit rating agency says the next two months will be "critical" for the future of Illinois' finances. The key question is whether to make a temporary tax hike permanent.

Like most of the big credit rating agencies, Standard & Poor's has been bearish on Illinois finances — lowering the state's credit rating four times in recent years.