Standard & Poor's Ratings Services downgraded Illinois’ credit standing by one notch Friday, and House GOP leader Tom Cross (pictured) says lawmakers must act to reign in the 96-billion dollar liability. S&P placed a negative outlook on the lower rating, saying legislative consensus and action would be needed to tackle challenges, including the state's huge unfunded public pension liability.
He says the state can't afford continued downgrades at a time when we urgently need to restore stability and balance to the state's fiscal climate.
S&P's move took the credit rating to an A-minus along with stating the possibility that it could fall even further. Illinois joins California in having the lowest rating among states S&P rates.