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Quinn delays $500 million borrowing in wake of state's bad credit rating

January 30, 2013

Gov. Pat Quinn's administration delayed Wednesday's planned sale of $500 million in construction bonds, saying a recent credit downgrade because of inaction on government worker pension reform left the market "unsettled." While it's not unheard of for states to delay a bond sale, it is unusual, said Brian Battle, director of Chicago-based Performance Trust Capital Partners. "I think it certainly is a seminal event in Illinois history," Battle said. "Because of our credit rating, we could not sell bonds today. We could have, but we would have gotten hurt, and that's unusual. Now the citizens can see what the cost is for all this dithering in Springfield."

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