Illinois’ credit rating downgraded; state drops to worst in the nation

I read somewhere this means their rating is lower than some third world countries in Africa. Gotta get that info,,that’s just amazing..and believable!

If you want to dig it out, S&P Sovereigns Rating List has all countries listed. Enjoy!

All that crapola from Illinois Dem pols against WI. Gov Scott Walker certainly makes them look like the fools they truly are as their state crumbles down even further while under their domain. Look in the mirror first next time you lieberal dolts at the facts.

I believe if you do the math, to make a $100 million paving job work...you’d have to figure in an extra $5 millon on top of the bond pay-back....because of your rating.

If the state constitution specified that, outside a few specific situations, the state or subdivisions thereof would always be free to default on debt with no recourse for the creditor except for specific property which was named as collateral for the debt, certain types of credit would have cost more but the state would be in much better financial shape. If a city needs to build a school, for example, and needs to borrow money to pay half the cost, creditors would face the risk that if the value of the building to the city's taxpayers were to fall below the value of the outstanding debt, they might be left having to try to salvage what value they they could from the building, likely taking a loss. Creditors wouldn't let the city borrow money in ways that would be overly detrimental to future taxpayers, since the risk inherent in such lending would exceed any possible payoff (the higher the interest rate, the greater the risk of default).

Schadenfreude. Payback’s a female dog. It sounds as if the cycle of communism is nearly complete there in the land of the leftists. They’ve gone straight to the poverty, crime, and starvation part. Pretty soon that cow will go udderly ;-) dry, and they’ll have to take over San Francisco or someplace where there are still people with a few dollars to rob.

I’m surprised that word of this even got out.

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