The state of Illinois has had 20 credit downgrades in its history, according to the Illinois Policy Institute. Senate Minority Leader Republican Christine Radogno tells the Institute that eleven of those credit drops have come under Governor Quinn's watch. Several credit ratings agencies have put the state in negative status.
Standard and Poor's just dropped Illinois' credit rating from A to A-minus, citing the state's failure to reach a deal on pension reform. The poor credit rating means taxpayers will pay more in interest every time the state borrows money. According to the Policy Institute, Illinois pays nearly one-and-a-half percent more in interest than states with great credit.