Tagged: illinois credit rating

Moody's Investors Services downgraded the credit outlook for the state of Illinois from stable to negative. The service cited the "severe pension funding shortfall."

Illinois Treasurer Dan Rutherford said Illinois has the worst credit rating of any state in the US.

“If this doesn't get fixed, then I would hope that those out there that look for services of their Illinois government, to understand that there will be absolutely no ability to increase or even perhaps sustain their funding level," Rutherford said. 

Rich Egger's guest is State Representative Norine Hammond (R-Macomb). They preview the Illinois legislature's 2012 session.

Lawmakers do not return to Springfield until January 30, which is later than normal. Hammond believes the legal battle over redistricting is part of the reason for the delay.

Hammond said the legislature must work to stabilize its finances. She pointed out Moody's lowered the state's credit rating late last week and Standard & Poor's has the state on a watch list.