Illinois Gov. Pat Quinn, House Speaker Michael Madigan and Senate President John Cullerton are expected to meet Monday to discuss pension reform.
Moody's Investors Services has downgraded Illinois' credit rating to the lowest level the state has ever seen.
Fitch Ratings downgraded Illinois' credit rating Monday in response to the state legislature's inability to pass pension reform legislation during the spring session.
Moody’s Investors Service issued a warning to the state of Illinois Friday that its credit rating could be downgraded if lawmakers fail to enact pension reform legislation.
Illinois sold $800 million in bonds Tuesday.
Illinois’ negative credit rating is filtering down to public
universities, affecting approximately $2.5 billion of outstanding debt.
To pay for road, rails and school projects, Illinois will sell $800
million of tax-exempt and taxable general-obligation bonds April 2.
The state of Illinois has decided to hold on off selling its bonds today, citing volatility in the market.
Illinois' credit rating has been downgraded to the worst in the nation by Standard and Poor's.