Illinois’ Credit Rating Downgrade the Result of Politicians’ Inaction

From the campaign to elect Marc Levine for State Senate (9th District)…

Lack of Pension Reform by Springfield Hurting Illinois Families

WILMETTE, IL – This past Friday night, Moody’s downgraded Illinois’ credit rating from A1 to A2, making it their lowest-rated state in the nation. Moody’s cited a legislative session that “took no steps to implement lasting solutions to its severe pension under-funding.”

“Fixing Illinois’ pension system is the reason why I’m running,” said Marc Levine, the Republican candidate for Illinois Senate in the 9th District. “Illinois’ future is at risk due to the most corrupt financial system I have ever seen, and Springfield politicians have ignored the problem, instead spending their time on tax increases for everybody except the well-connected. The only way to fix this problem and rescue our children from this back-breaking debt is by changing the General Assembly and that is why I’m running for State Senate.”

Levine, Senior Fellow for Pension and Investment Policy for the non-profit Illinois Policy Institute and an expert on Illinois pension reform, was the founding principal of Chicago Asset Funding LLC, an investment firm that received AAA credit ratings from Standard & Poor’s and Moody’s Investors Service.

Levine explained: “This downgrade is not trivial. A lower bond rating hurts Illinois families as it makes it more expensive to build our schools and fix our roads. Worst of all, it increases the likelihood of bond markets closing to Illinois as they have for Greece and other governments, which would virtually shut our government down and hurt those who rely on government services. We must solve this fiscal crisis if we’re to have any hope of our children returning home after college to start their careers and raise their families. Springfield is broken and it’s time we fixed it.”

About Marc Levine:
Marc Levine
is a pension reform expert who lives in Wilmette with his wife and 4 children. He was a founding principal of Chicago Asset Funding LLC, an investment firm that received AAA credit ratings from Standard & Poor’s and Moody’s Investors Service. He has served on numerous corporate boards, including the leasing subsidiaries of General Motors, and is a Senior Fellow with the non-profit Illinois Policy Institute. Marc is a certified public accountant and received an MBA from Northwestern University’s Kellogg Graduate School of Management.

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