ILLINOIS — For the sixth time in two years, Illinois has a lower credit rating. It’s now triple B; the second-lowest grade possible.
The lower rating is based on the state not having a budget for two consecutive years. It means it will be more expensive for the state to borrow money.
The state’s top investment officer, Treasurer Mike Frerichs, says the lower rating isn’t a surprise. Frerichs is hopeful the state’s credit will improve once it passes a full budget.