Illinois state treasurer reacts to financial downgrade report - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Illinois state treasurer reacts to financial downgrade report

Illinois State Treasurer Dan Rutherford says the downgrade could cost taxpayers more money. Illinois State Treasurer Dan Rutherford says the downgrade could cost taxpayers more money.
SPRINGFIELD, IL (KFVS) -

Illinois State Treasurer Dan Rutherford is reacting to Moody's financial warning of "credit negative" for the state. He says the recent downgrade could cost Illinois taxpayers more money.

This comes after a lack of progress by lawmakers on pension reform for the state. 

In their August 23 bulletin, Rutherford states Moody's Investors Service declared "the Illinois legislature's failure to enact pension reforms during last week's special session is ‘credit negative' for Illinois (A2 stable)."

Rutherford also says they warned that "inaction on the state's pension liabilities will further strain this lowest-rated US state's finances."

"It looks like Illinois could be heading for another credit downgrade, which will only cost taxpayers more," said Rutherford. "I have continuously warned the General Assembly and the governor that failure to act on the state pension crisis will create more financial problems in this state that is already the lowest-rated credit in the United States. I will continue to urge the General Assembly and the governor to work towards comprehensive reforms that would repair Illinois' fiscal health and ensure the viability of our state retirees' pensions."

The treasurer says that comprehensive, constitutional, and fair pension reforms is what is needed to reverse the trend.

Copyright 2012 KFVS. All rights reserved.

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