State Treasurer speaks out on credit downgrade

By WEEK Producer

June 4, 2013 Updated Jun 4, 2013 at 7:49 PM CDT

PEORIA, Ill. -- State Treasurer Dan Rutherford is speaking out following Monday's downgrade in Illinois' Credit Rating.

Rutherford was in Peoria on Tuesday to announce his candidacy for governor.

He says his priority as governor will be creating jobs and lowering the unemployment rate

As state Treasurer, Rutherford says Fitch's downgrade of the state's credit rating from an A to A-minus was not surprising considering the general assembly did not address the state's pension crisis.

"From January 2011 to January 2013 we've seen nine issuance of negative reactions from the rating agencies," said Rutherford. "Either a watch, a warning or a downgrade. So when the general assembly ajourned this last weekend and did not address the most absolute substanitive need in that session and that was dealing with the state public pensions there was no question about what what going to happen."

Rutherford says Governor Quinn has put off the pension issue for too long and it needs to be resolved before the state can make any real progress.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.