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6 downgrades in 2 years

Friday, Feb 3, 2017

* Interesting point…


* The full ratings history from COGFA

By my count, that’s 12 downgrades during Pat Quinn’s six years in office and two upward recalibrations. At the current rate, and if nothing changes, Gov. Rauner will surpass Quinn’s downgrade numbers by the end of his first four-year term.

* With that in mind, this is what candidate Rauner said about Quinn’s downgrades in 2013

llinois’ credit rating just got downgraded again, the 12th time since Pat Quinn became governor. Unacceptable.

- Posted by Rich Miller        

26 Comments
  1. - NoGifts - Friday, Feb 3, 17 @ 11:15 am:

    how far is it to the bottom? There must come a point when there aren’t any more downgrades.


  2. - Ducky LaMoore - Friday, Feb 3, 17 @ 11:17 am:

    Sham ratings from collectivist agencies controlled by Mike Madigan.


  3. - PublicServant - Friday, Feb 3, 17 @ 11:19 am:

    Questions? … No? OK Great thanks!


  4. - Huh? - Friday, Feb 3, 17 @ 11:20 am:

    Wada bid, wada bid? Do I hear BB+? Somebody gonna gimme a junk bond rating? Wada bid?


  5. - Anon221 - Friday, Feb 3, 17 @ 11:20 am:

    “Illinois’ credit rating just got downgraded again, the 6th time since I became governor. That’s the price of winnin’!” Fake Rauner


  6. - Oswego Willy - Friday, Feb 3, 17 @ 11:21 am:

    ===- Oswego Willy - Wednesday, Feb 1, 17 @ 5:37 pm

    Rauner, in 2014…

    ===“Illinois’ credit rating has been downgraded 13 times under Pat Quinn and now, because of his failed leadership, our state’s economy and finances are still broken. Pat Quinn put special interest politics ahead of Illinois workers. We need to change direction before it’s too late.” – Rauner campaign spokesperson Mike Schrimpf […]===

    In two years, Rauner has had 6 downgrades… and counting.

    Governor Bruce Rauner fails.

    Candidate Bruce Rauner tells me so.===

    This IS…

    “Skyhook in reverse…”

    Will the Democrats pounce, will (a) Democratic Guv candidate(s) realize what’s at play? Dunno. Haven’t heard boo.

    Skyhook in reverse, Rauner’s record and his own words could sink him, but… you have to be engaged to the process.

    To the Post and the ratings,

    Word jumbles aside, if Pat Quinn failed with his 12, and Rauner is failing with his 6, what can and what will Rauner do to fix his defined failures?

    A budget?


  7. - 47th Ward - Friday, Feb 3, 17 @ 11:29 am:

    Is this the hammer, or the shake?

    Heck of a job Raunie.


  8. - TwoFeetThick - Friday, Feb 3, 17 @ 11:41 am:

    On the plus side, with every downgrade, Rauner and his pals make more money on the higher interest rates. #Winning


  9. - Piece of Work - Friday, Feb 3, 17 @ 11:46 am:

    So 12 downgrades under Quinn and 6 under Rauner. That makes 18 under MJM’s watch.

    Are there more under MJM than just 18?


  10. - Oswego Willy - Friday, Feb 3, 17 @ 11:49 am:

    ===So 12 downgrades under Quinn and 6 under Rauner. That makes 18 under MJM’s watch.

    Are there more under MJM than just 18?===

    LOL!

    So to pivot off “Skyhook”, you let Quinn off the hook (Rauner didn’t, but you already know that) and “because… Madigan”, because Rauner is just a governor that can’t own what governors own.

    How sad, you keep trying, it’s actually cute, lol.


  11. - Small town taxpayer - Friday, Feb 3, 17 @ 11:55 am:

    There is something more important to me than the number of downgrades of the credit rating of Illinois. It is the increase in the interest rate that the state must pay to issue bonds on the open market. This directly influences the taxes that Illinois tax payers must come up with to pay off the bonds.

    Any one have any idea how much Illinois taxpayers have paid, and will pay until the bonds are paid off, in extra interest because of the multiple downgrades? Is it millions or tens of millions or maybe even more?


  12. - Juice - Friday, Feb 3, 17 @ 11:56 am:

    Piece of Work, there is literally a graphic in this post going through every rating change since 1973. You don’t even have to use the Google, it is literally right there.

    You anti-Madigan zealots can be so exhausting.


  13. - PoW - Friday, Feb 3, 17 @ 11:58 am:

    1/2 the stuff I post is to elicit a response immediately from you Willy. I realize you are waiting in the tall weeds.

    I realize the posts on higher education yesterday stung, seeing you were trying to be the expert on all things U of I. That was cute too—and pretty amusing!


  14. - Oswego Willy - Friday, Feb 3, 17 @ 12:03 pm:

    ===1/2 the stuff I post is to elicit a response immediately from you Willy. I realize you are waiting in the tall weeds.===

    … or you’re paranoid and thinking your comments somehow impress or make an impression. You comtinued ignorance to the posts, that’s another subject…

    ===I realize the posts on higher education yesterday stung, seeing you were trying to be the expert on all things U of I. That was cute too—and pretty amusing!===

    … and yet you threw your hands up and still couldn’t refute my points, ending with “oh yeah, well… well… where did you go to school?”

    This is the deep end of the pool. The “because… Madigan” silliness as a pivot here is embarrassing.


  15. - Union Man - Friday, Feb 3, 17 @ 12:21 pm:

    How far down will we have to go before the Republicans accept their guy’s plan has been a failure?


  16. - So tired of political hacks - Friday, Feb 3, 17 @ 12:22 pm:

    Any dumb enought to believe their party is winning can please move out of the state. The losers here are the people of Illinois the tax payers and businesses billions in interest, the average Joe isn’t buying up these bonds reserved for the few who have caused this mess with 6-8 % Interest and going up every month. Partisans hacks please snap out of it. Spending billions in interest payments to save 1.5% in taxes a year, term limited is not a good formula! Yet you keep claiming victory and vow to continue the destruction of this state.


  17. - DuPage Bard - Friday, Feb 3, 17 @ 12:28 pm:

    A BBB rating - Big Baby Bruce


  18. - PoW - Friday, Feb 3, 17 @ 12:29 pm:

    I easily refuted your “facts” Willy, but unless you agree with a post, you create this long, rambling response that slams the poster, usually with the retort Keep Up or Governors Own.

    You wouldn’t answer a straightforward question about college yet you come across as this smug know it all.

    Please tell all of us what the guv and the legislature should craft to get Illinois out of this mess. Details please.


  19. - Arsenal - Friday, Feb 3, 17 @ 12:30 pm:

    ==At the current rate, and if nothing changes, Gov. Rauner will surpass Quinn’s downgrade numbers by the end of his first four-year term.==

    That would seem to assume that these downgrades happen at regular, repeated intervals. Is that true? It seems to me that if our financial situation doesn’t get worse, the rating would stay where it is.


  20. - Rich Miller - Friday, Feb 3, 17 @ 12:32 pm:

    ===if our financial situation doesn’t get worse===

    LOL

    Well, yeah, but how is it not gonna get worse if nothing changes?

    C’mon, man. Use your head.


  21. - Oswego Willy - Friday, Feb 3, 17 @ 12:34 pm:

    ===You wouldn’t answer a straightforward question about college yet you come across as this smug know it all.===

    Dude, it doesn’t matter to the facts that Rauner hasn’t funded the U of I system, purposely by a $750+ shortfall. How does that matter where I went to school? lol

    ===Please tell all of us what the guv and the legislature should craft to get Illinois out of this mess. Details please.===

    Are you elevating me to equal status of the governor? Or is it lowering the governor to my meager status.

    Budget, higher ed, pension reform, use the search, my words are out there, I’m not your Google.

    Now, back to “Pat Quinn failed”, downgrades, and now it’s Madigan, lol


  22. - City Zen - Friday, Feb 3, 17 @ 12:47 pm:

    Interesting that even after the massive tax hike in 2011, Illinois continued to get downgraded by each agency.


  23. - walker - Friday, Feb 3, 17 @ 12:50 pm:

    Just counting number of downgrades is much of a metric — but campaigns love to use it, so I guess it’s relevant here.

    Phrases like “down the toilet,” “departing in droves” and “carnage” work even better in poliworld.

    The rating agencies themselves, cite simple lack of a budget as a primary negative factor, as do large companies.


  24. - Ducky LaMoore - Friday, Feb 3, 17 @ 12:57 pm:

    @Arsenal and Rich

    There were downgrades after Illinois situation was improving. So if anyone can tell me when or why downgrades or upgrades will happen, you’re one up on me.


  25. - walker - Friday, Feb 3, 17 @ 1:08 pm:

    Ducky, as I am sure you know, ratings agencies took to downgrading more, because they were hammered for their part in the 2007 crash.

    Not the best metric — but no one would maintain that we aren’t in terrible fiscal shape right now.


  26. - Illinois Native - Friday, Feb 3, 17 @ 3:36 pm:

    ===if our financial situation doesn’t get worse===

    Was not the cut in the income tax rate as Quinn left office supposed to drive growth and thus help the states financial situation?


Sorry, comments for this post are now closed.


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