Fitch lowers rating on Illinois debt

Crain's Chicago Business reports:

The first reaction is in from Wall Street to the Illinois Legislature's failure to enact pension reform last week, and it's negative. Fitch Ratings, one of the big firms that issues reports to investors on credit worthiness, lowered Illinois' rating from A to A-. In addition, ratings based on Illinois appropriations went from A- to BBB+. And the outlook on state debt is negative, meaning that the rating could be reduced farther.

If only Barack Obama would have been a reformer when he was in the Illinois state legislature: maybe Illinois wouldn't be bankrupt.