A continuation of the analysis of the current situation in Illinois by WirePoints:
Fact 5
5. Credit downgrades. Illinois’ deep credit rating slide began in 2009. The state experienced 13 total credit downgrades from the three major rating agencies from 2009 through 2013, all during the Gov. Pat Quinn’s tenure. Five of those downgrades occurred even after the record 67 percent personal income tax hike of 2011. More than $32 billion in new tax revenue from 2011 through 2014 failed to stem the downgrades.
Lower credit rating means higher interest rates the state pays for new bond issues and refundings, and thus higher cost of government.