CHICAGO — With a $7 billion borrowing spree planned in the next few months, Illinois’ credit took a double-notch blow today as Fitch Ratings this afternoon downgraded the state’s credit to A from AA-minus after a review of the fiscal 2010 budget that relies heavily on one-time measures such as borrowing.

The action affects $19.4 billion of general obligation bonds. Fitch downgraded the state last December to AA-minus and then in April placed the GO credit on negative watch as state lawmakers and Gov. Pat Quinn sought to resolve a budget impasse. Analysts said at the time that any additional ratings action would be driven primarily by how the state addressed its dwindling revenues and estimated $12 billion deficit.

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