Illinois' recently passed budget relies on borrowing to meet some expenses and it's now going to cost the state more to borrow that money.

Illinois' recently passed budget relies on borrowing to meet some expenses and it's now going to cost the state more to borrow that money.


Fitch Ratings dropped Illinois' credit rating by two notches Wednesday because the state did not address all of its spending needs and structural deficit in the just-passed budget.


The downgrade comes just after Moody's Investor Service said it is reviewing the state's credit rating and may also downgrade it for the same reasons.


GateHouse News Service State Capitol Bureau