United States Senator Mark Kirk (R-IL) today released following the statement on Moody's downgrade of the State of Illinois' General Obligation bond rating. The rating was downgraded from A1 to A2 as the Illinois state government prepares for a round of bond purchases in early January.
"Moody's decision to downgrade Illinois debt echoes the judgment of my Sovereign Debt Advisory Board report last year. Governor Quinn is planning to borrow $800 million more in the near future, with higher and higher interest costs paid by Illinois taxpayers. We are reaping the results of years of irresponsible spending and debt."