The recent decrease in Illinois’ bond rating is the result of legislators failing to restructure pensions before the end of the legislative session on May 31, says State Treasurer Dan Rutherford, now a Republican candidate for governor. “This should be no surprise to the governor or the General Assembly. This is something that myself as a treasurer has highlighted as a concern of our state. The outside rating agencies have highlighted as a concern of our state. And to be very candid with you, even other governors have been here highlighting this as an issue with our state,” Rutherford said.
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Rutherford says the Fitch downgrade won’t be the last, as other rating agencies have threatened downgrades too. “This has been the 10th negative issuance since beginning of 2012. A negative issuance could have been anything from a warning, to a watch, to an actual downgrade,” Rutherford said.