S&P

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.

Digging a hole. A really deep hole.
David Stillman / Flickr.com/stilldavid (CC-BY-NC)

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.

Examining Financial Health (stethescope on piggy bank)
https://www.flickr.com/photos/socialeurope / EU Social

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. 

Brian Mackey/WUIS

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.

Jamey Dunn
mattpenning.com 2014 / WUIS/Illinois Issues

McGraw-Hill, the parent company of the world’s largest credit rating agency, Standard and Poor’s, was slapped with lower bond ratings than the state of Illinois in February.