Illinois now has the lowest credit rating of any state in the country even without the S&P downgrade, and the worst rating in its history.

Don't worry, there are lots of ratings below A-, and Illinois will hit all of them on the way to D.

Via Meadia

The Illinois pension saga just keeps getting worse. In response to the state legislature’s failure to pass a pension reform bill before adjourning, Fitch downgraded Illinois’s bonds from A to A- earlier this week. On Thursday Moody’s joined the party, lowering the state’s rating from A2 to A3. S&P is now the only agency not to have downgraded the state, but it is issuing its own dire warnings. As Reuters notes, Illinois now has the lowest credit rating of any state in the country even without the S&P downgrade, and the worst rating in its history.