SE Illinois News

Although Illinois was spared from becoming the first state to receive a junk credit rating from Moody’s Investors Service, Republican state House candidate Darren Bailey doesn’t think it does the state any favors.

“If this is the way they really feel, I can assure you that they are in the minority,” Bailey told the SE Illinois News. “Many people recognize that this state is fighting for its very survival, and any plan or assessment that doesn’t accurately gauge its debt and standing does not help the situation.”

Moody’s recently adjusted Illinois’ bond rating from negative to “stable” despite the state still owing roughly $8 billion in unpaid debt and billions more in underfunded pension liabilities.

In making its assessment public, Moody’s representatives conceded that part of the reason for its determination stems from a belief that things have gotten so bad in Illinois that they arguably can’t get any worse for the foreseeable future.

Bailey, running against Democrat Cynthia Given in the 109th House District in November’s general election, argues all the indicators strongly suggest otherwise.

“If J.B. Pritzker somehow becomes our next governor, things will absolutely get even worse than they already are,” he said. “How can it be that someone who’s already broke and heavily in debt can continue to borrow money and that not make the situation worse than it is? Pritzker would be worse, especially coming on top of the last budget that did nothing but rack up more debt.”

Last year, Illinois avoided being downgraded to “junk” bond status after lawmakers in Springfield overrode a veto by Gov. Bruce Rauner to pass a state budget that carried a 32 percent permanent income tax hike.

The state’s credit rating now stands at Baa3, or one level one above “junk” status. Financial institutions use the ratings to determine the interest rates at which the state borrows money.