Illinois Treasurer Urges Governor to Talk to Bond Houses About Junk Status

Illinois Treasurer Mike Frerichs is offering some suggestions to help make sure the state avoids junk bond status.

Although Illinois now has a budget, the state's fiscal condition remains on very shaky ground and a rating downgrade could still happen. Treasurer Frerichs says for starters, the governor needs to pay a visit to the bond houses in New York.

"Avoiding junk status can only be done if the governor reassures the credit rating agencies that junk status is unnecessary and unwarranted. Next, he must immediately take visible and responsible steps to implement the $6 billion in bonding authority, with the proceeds to be used to pay down the bill backlog. So, that the agencies see positive, forward progress."

Frerichs also says schools need to open on time and that the state should reach out to Illinois employers to explain the new tax rates.