Moody's downgrades Illinois' credit rating - again

CHICAGO (FOX 32 News) - It's gone from bad to worse for Illinois' credit rating.

Moody's Investors Service downgraded the state's rating to two steps above the "junk" level on Wednesday.

They cited the state's ongoing budget gridlock as the reason for the downgrade.

Unfortunately the news isn't too surprising. Illinois had the worst credit rating of any state even before Gov. Bruce Rauner and majority democrats went head to head over the budget.

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