from Schillerstrom for Governor Campaign
[Note: Previous post refers to Build Illinois bonds being rated at "AA". This post refers to Illinois' overall credit rating dipping to "A".]
Republican Bob Schillerstrom issued the following statement Thursday in response to Fitch Ratings lowering the Illinois credit rating from AA- to A. In announcing the decision, Fitch noted, "the extent of the current fiscal problem has been clear for several months as revenue estimates were downsized; however, comprehensive solutions have been repeatedly delayed."
Schillerstrom for more than a decade has led a county with more residents than six states and a DuPage County government with a Triple-A bond rating - the highest possible for local government.
"Our state has a pattern of spending more than it takes in and not looking past today - now the outside experts, the ratings companies, are calling Springfield on its irresponsible ways. They see that the state budget is structurally flawed, that it is pre-destined for a greater continued annual deficit - but there is no urgency in Springfield. State leaders again decided this month to kick the can down the road rather than address the problem, and yesterday's announcement ensures taxpayers will pay a greater price for that choice.
"There is another way to do things - households, businesses, and local governments do it every day. It starts with creating a long-term financial plan and includes making operations more efficient and not spending more than we have. It is an approach that has earned the County I lead the highest credit rating possible - and I look forward to introducing it to Springfield."
Schillerstrom further noted this rating is achieved by less than 1% of county governments, nationally.
