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The credit rating companies Fitch and Moody's both downgraded their ratings of several types of Illinois debt Oct. 19.
Fitch pegged its downgrade downgrade on the state's budget impasse and an economy that hasn't recovered as quickly as the rest of the country. Moody's also dinged the state for operating without a current budget, as well as its volume of unpaid bills.
The state's credit rating applies to about $33 billion of debt, Moody's said. It includes general obligation bonds, sales tax bonds, and appropriation bonds.
Moody's outlook for Illinois remains negative going forward, as long as the state continues to struggle to cover its pension obligation and other unpaid bills.
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