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Brady on Illinois Bond Downgrade

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Brady calls on Quinn to answer how he is addressing questions raised by Fitch

State makes first major bond issue today since rating firm downgrade

Today, Illinois is beginning to sell $1.3 billion in bonds, on the heels of a Fitch Rating report that downgraded Illinois and criticized the state for not addressing its fiscal mess. Governor candidate Bill Brady called on Governor Pat Quinn to answer the questions raised by the report.
"A rating downgrade costs us money, and Governor Quinn should address head on the questions raised by the report," said Brady. "The Fitch report is raising the same questions that we all have: How is Pat Quinn going to fix this state? What is his solution? If he has a plan that will work, he needs to let us know."
"The rating downgrade will be costly," Brady said, "but it is also a warning siren about the failure of leadership from Pat Quinn and the other insiders. The bottom line is that this downgrade is the result of the job-killing policies and old politics of the Blagojevich/Quinn Administration."
According to the Fitch analysts, "The downgrade at this time … reflects the increasing likelihood that sufficient solutions will not be implemented in the FY 2011 budget."
Fitch downgraded the state's $23.4 billion of GO bonds on Monday one notch to A-minus due to its "deteriorating fiscal position," according to a report in The Bond Buyer today. Fitch last downgraded the state by two notches to A last July "due to the scope of its fiscal mess and its failure to enact solutions with long-term effects in the previous legislative session." The agency left a negative watch on the credit this week as it awaits the results of the current legislative session.
"Half measures will not do," Brady said. "After half burning the house down, the insider politicians who run Illinois are starting to look for a garden hose. Pat Quinn and his two-time running mate Rod Blagojevich have failed us. We need a clean break in Illinois."


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