With Standard and Poor’s downgrading Illinois General Obligation bond rating to A- with a negative outlook, Gov. Pat Quinn says lawmakers must remain focused on public pension reform. Quinn has hope that a bill introduced in the Senate could be the answer to pension reform. He says the bill includes many compromises and is a “very good vehicle.”
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Several credit and bond rating agencies have downgraded Illinois citing a lack of movement on public pension reform. In a release, S&P cited Illinois “lack of action on pension reform and upcoming budget challenges” as reason why there could be a further downgrade in the future. “We got to put on our seat belts hear and understand the credit rating agencies aren’t going to give us better marks until the legislature deals with Senate Bill 1 and get the job done,” Quinn said Friday. He says he has warned the legislature about downgrades because of a lack of action on pension reform. The state’s unfunded pension liability is almost $97 billion. S&P downgraded Illinois on Friday.