State Treasurer Not Surprised by Illinois Credit Downgrade
The recent decrease in Illinoisâ€™ bond rating is the result of legislators failing to restructure pensions before the end of the legislative session on May 31, says State Treasurer Dan Rutherford, now a Republican candidate for governor.
â€śThis should be no surprise to the governor or the General Assembly. This is something that myself as a treasurer has highlighted as a concern of our state. The outside rating agencies have highlighted as a concern of our state. And to be very candid with you, even other governors have been here highlighting this as an issue with our state,â€ť Rutherford said.
Rutherford says the Fitch downgrade wonâ€™t be the last, as other rating agencies have threatened downgrades too.
â€śThis has been the 10th negative issuance since beginning of 2012. A negative issuance could have been anything from a warning, to a watch, to an actual downgrade,â€ť Rutherford said.