Nothing to do with teachers? Or their Unions?
Illinois' credit rating was downgraded by Standard & Poor's on Wednesday, a move that came after Gov. Pat Quinn's inability to persuade lawmakers to cut costs in the state's debt-ridden public employee pension system.
The agency lowered the state's credit rating from A+ to A, citing a "lack of action" on changes aimed at decreasing the pension system's unfunded liability, which could hit $93 billion by next summer if nothing is done. Standard & Poor's also gave Illinois a "negative outlook," saying the state's budget future remains uncertain.
It's unclear what impact the new rating will have on Illinois' pocketbook, but it is likely that it will cost the state more to borrow money to finance construction projects
including new schools, roads and bridges.
Only California is ranked lower than Illinois by the S&P, with a credit rating of A-. But unlike Illinois, California has been given a "positive outlook."
Illinois already has the lowest credit rating in the nation from Moody's Investors Service, which has warned that another downgrade is possible unless something is done to address the state's growing pension liabilities.
"
We have to address the public pension reform issue," Quinn said. "It will not go away.
It's imperative that we address it. ... It's regrettable that our legislature did not act promptly when they had the chance, but we just have to keep pushing them."
Quinn's comments came after a groundbreaking ceremony on a new $104 million science building at the University of Illinois at Chicago. It's the type of project that could get more expensive if the state's credit woes persist.....snip~
Illinois' credit rating downgraded after pension reform failure - Chicago Tribune
I believe pension reform.....does and will Affect teachers!
BTW Hows, that Corner you are in?