As the Governor began signing Illinois’ budget measures, the state stands at the brink of another credit downgrade. A recently published chart from Pew Research shows just how out-of-step the state has been with the rest of the nation, according to Senator Bill Brady.
Senator Brady says it’s well known that Illinois continues to have the worst credit rating in the nation, but a historical comparison of the states since 2001 highlights a disturbing trend. As Illinois’ falling credit rating runs in the opposite direction of the rest of the nation, other states are either improving their credit rating or remaining stable.
While surrounding states such as Indiana, Missouri and Iowa have excellent credit ratings, Illinois continues to regress as economic uncertainty continues to plague the business community. Even California—which was once tied for last place with Illinois—has improved its rating significantly as it paid down debt and restored a balanced budget in 2013.
Indiana shows an interesting contrast. The Hoosier state hit a low point in 2004 when its Standard & Poor’s rating fell to AA status. In the following years, it has climbed back. Today Indiana’s AAA rating is the highest ranking available and higher than that state’s ranking at the beginning of the 2000s. Illinois on the other hand, also had an AA ranking in 2004, but has steadily fallen since then and now holds an A-, which is lower than any other state.