• Credit rating drop halts construction program

    by  • January 30, 2013 • News

    pat quinn

    Gov. Pat Quinn

    Gov. Pat Quinn announced today that the state of Illinois has delayed a bond sale today, in light of last week’s Standard and Poor’s downgrade of the state’s credit rating from an A to an A-minus.

    The state had planned to sell $500 million in bonds today that were to fund the Illinois jobs now! capitol construction program. The Centralia airport was due to receive $300,000 from the capitol program for hangar and parking lot maintenance, as well as repairs to the terminal building.

    Quinn said Wednesday that conversations with potential bidders lead his administration to believe the market is unsettled because of recent actions and comments by the bond rating agencies. He says they plan to schedule a new bond sale after the markets have had time to digest the news.

    Illinois now has the worst credit rating in the nation.