Moody's cuts Illinois' bond rating

CHICAGO (AP) — Moody's Investors Service has cut Illinois' bond rating, citing the state's shrinking revenues and growing debt.

The lower credit rating usually means it'll cost the state more when it tries to borrow money.

Sen. Bill Brady, the Republican candidate for governor, cited the bond rating as evidence that Democratic Gov. Pat Quinn is driving the Illinois economy "into the ground."

Quinn defended himself Tuesday, noting that the rating agency said the state government's financial problems had stabilized a bit. He accused Brady, who opposes raising taxes and has not specified where he would cut spending, of not having a plan to address the state's massive budget deficit.

saukvalley.com | Moody's cuts Illinois' bond rating