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Retirely in The things you own end up owning you,

Shockingly, Illinois’ credit rating has yet to reach rock-bottom

Moody’s Investors Service on Wednesday issued an ominous report about Illinois’ finances, warning that the lack of a full-year budget will more than double the state’s deficit and could lead to further credit downgrades.

Moody’s is also warning that if the state begins to borrow from debt service funds to run the state, it would “signal a deterioration in Illinois’ credit position.” The state is still reeling from its delayed November pension contribution because of insufficient cash, and its missed debt service transfer last summer to the Metropolitan Pier and Exposition Authority.

The report warns that the state might “resort to actions that cast doubt on an otherwise strong legal framework prioritizing debt payment, such as borrowing from funds set aside for debt service.”