Illinois is now officially tied with California for the worst credit score in the nation, with the state’s bond rating lowered June 4 by Moody’s Investors Service.

In lowering Illinois’ bond rating one notch to A1, Moody’s pointed to the state’s inability to address its financial problems, including an unbalanced budget, billions in unpaid bills and faltering revenues. Moody’s said the failure to tackle Illinois’ fiscal issues “underscores a chronic lack of political will that indicates further erosion of an already weak financial position.”

With the new rating, Illinois has now tied California for the worst credit rating in the nation from Moody’s. It’s also anticipated that the other two major credit rating agencies will soon downgrade Illinois. A lower state credit rating usually translates into higher costs when the state tries to borrow money.

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