Republican candidate Rod Drobinski, running for House District 62 from Lake County, responded today to the news that Illinois’ credit rating has just plummeted by calling it just another strike against House Speaker Mike Madigan.
"Today's credit rating downgrade is yet another indictment against Mike Madigan and his enablers in Springfield,” Drobinski said.
Moody’s Investors Service, considered the ultimate authority on credit ratings nationwide, recently issued a decisive downgrade to the state, demoting it based on its $26 billion worth of debt from Baa1 to Baa2—a rank just two places removed from a so-called “junk” rating and hardly helpful to the state in its current fiscal position.
“The reason for the downgrade is obvious,” Drobinski said. “Illinois hasn't had a truly balanced budget in over 15 years, and instead of reforming Illinois, Mike Madigan and Sam Yingling voted for and passed the most unbalanced budget in Illinois history.”
Not only was the Moody’s report dismal, but word spreads, and New York-based leading global money manager BlackRock has cautioned investors against outlaying capital for Illinois bonds, it was reported by Bloomberg News. Even worse, with increased vulnerability Illinois now stands between a rock and a hard place in terms of following through on previously planned borrowing.
“The credit rating agencies look at the facts, not the political spin from the Springfield cartel,” Drobinski stated. “We need representatives who are serious about fixing the serious problems facing our state."
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