Illinois already has the lowest bond rating among U.S. states.  But Moody’s Investor Service is raising new concerns after state legislators passed a budget last week letting tax revenues fall, while doing little to cut costs.  Moody’s said the decision not to extend the tax hike will reverse progress Illinois has made on its finances.

http://blogs.wsj.com/economics/2014/06/03/top-illinois-lawmakers-shrug-as-moodys-warns-of-troubled-finances/