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By Catholic Online (NEWS CONSORTIUM)

1/11/2013 (2 years ago)

Catholic Online (www.catholic.org)

Only California is lower.

Fitch Ratings has downgraded Illinois' credit rating citing the state's ongoing failure to address public pension debt. The state may now find it harder to borrow money, facing higher interest rates.

So far, Gov. Quinn cannot get lawmakers to sit down to talks to resolve the state's debt crisis.

So far, Gov. Quinn cannot get lawmakers to sit down to talks to resolve the state's debt crisis.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/11/2013 (2 years ago)

Published in U.S.

Keywords: Illinois, credit rating, Fitch, Quinn, debt


CHICAGO, IL (Catholic Online) - The state's credit rating remains a "A" which is a low rating to begin with, but is now listed as "rating watch negative." While the rating letter stayed the same, the negative watch will cause interest rates to rise for the state.

The state will now have to pay higher interest rates if it wants to borrow money.

Only California has a lower credit rating.

The cause is the state's nearly $100 billion in debt which remains unaddressed. Without reform, the rating will inevitably be dropped further.

So far, Gov. Quinn has been unable to get state legislators to work together to resolve the state's debt problem.

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Pope Francis: end world hunger through 'Prayer and Action'


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Pope Francis Prayer Intentions for May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


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