Even though the state saw downgrades by two credit rating agencies last week -- and was given a negative outlook by a third -- Illinois Gov. Bruce Rauner is defending plans to borrow $550 million later this week.
While Illinois has the worst credit rating of all the states in the nation, Rauner asserts that there is a healthy number of bond buyers that want to invest in the Land of Lincoln due to their support of his pro-business Turnaround Agenda, saying they "have indicated confidence in what we're trying to do."
Rauner says the funds scheduled to be borrowed Thursday will be used for infrastructure improvements on bridges and roads, and will not be used for everyday operating expenses.
Illinois has been operating without a budget for the last 11 months as the governor and lawmakers continue to be at an impasse over the state's finances.