Illinois’ credit rating has suffered another downgrade.
It follows the General Assembly’s adjournment Friday without any agreement on what to do about the state’s pension systems.
A string of previous downgrades already left Illinois with the lowest bond rating in the nation.
None of those spurred legislators to reach a compromise – and there’s no telling if this latest one will be any different.
Fitch lowered Illinois from an A to an A- rating, a status that means it may cost more when the state borrows money.
The agency’s report says “enactment of pension reform is critical to the long-term stability of the state’s fiscal position.”
Even before the downgrade, Sen. Bill Brady, R-Bloomington, asked Gov. Pat Quinn to call a special session.
BRADY: “We’ve seen this deadline pass and now it’s time to come back to the table, understanding that everyday’s a deadline that must be met in terms of a resolution.”
On Friday, in the final hours of the spring session – when it became clear no pension legislation was going to pass – Rep. Jack Franks, D-Marengo, said Quinn should keep the General Assembly in town until it did.
QUINN: “I think it’s time for the governor to step up. I think it’s time for the Governor to become relevant.”
Quinn issued a statement calling the downgrade no surprise – and says he’s calling the Democratic leaders of the House and Senate in for a meeting.
Speaker Mike Madigan and President John Cullerton are at odds over an appropriate solution to the state’s $100 billion of pension debt.