CHICAGO — Illinois’ general obligation rating slid further down the scale on Friday when Fitch Ratings downgraded the state to A from A-plus, blaming leaders’ failure to tackle the state’s fiscal and liquidity crisis in the next budget.
Fitch’s action affects $25.7 billion of GOs. The agency also downgraded to A-minus from A bonds issued with appropriation support from the state. Fitch removed the rating from negative watch and assigned a negative outlook at the lower level. Only California is rated lower by Fitch at A-minus. All other states rated by the agency are at AA-minus or higher.