Tom Cross: Hit to State Bond Rating 'Embarrassing'
The next step might mean the state's credit rating is downgraded.
With the Illinois General Assembly failing to act on pension reform earlier this week, the State of Illinois’ bond rating took a hit on Friday as Fitch Ratings put Illinois’ bond obligations on negative watch. The next step could mean Fitch's downgrading of the state’s credit rating, which would only add to the state’s financial woes. “The Rating Watch Negative reflects the ongoing inability of the state to address its large and growing unfunded pension liability, most recently through the failure to pass pension reform in the 'lame duck' portion of the 97th general assembly legislature that ended on Jan. 8,” Fitch Ratings said in a news release Friday. Illinois State Treasurer Dan Rutherford reacted Friday to the negative watch …
John Tips
8:57 am on Wednesday, January 16, 2013
SonofJohn, We don't know where you worked, for how long or what retirement other then social security you are receiving. Many retired people live on more than I receive per month as well. My good friend from high school "lee" went into the service at 19. Today, Lee is retired from the Military, after serving on active duty for 24 years, he went to work for the railroad and vested in with railroad… more ›