credit rating

Krisi Luther, St. Louis Public Radio.

Credit rating agencies warn that allowing a Missouri income tax bill to become law could have a negative impact on the state's credit rating.

“We believe that if the Missouri legislature overrides the governor’s veto and enacts the legislation, and the federal government passes the Marketplace Fairness Act, it has the potential to result in a significant financial impact to the state, despite requirements for the maintenance of a balanced budget," Standard & Poor's wrote.

Screenshot from a Senate stream of the hearing.

Millions of consumers have an error on their credit report. In response, Democratic Senator Claire McCaskill of Missouri held a hearing Tuesday on the consumer report industry.

One out of every five consumers has an error on at least one of their major credit reports, according to a study released a few months ago by the Federal Trade Commission. Those errors can cause consumers to pay more or be denied credit or housing.

McCaskill, who recently became chairman of the Senate subcommittee on consumer protection, called the system “kafkaesque.”

(via Flickr/jglazer75)

A failed special session that was supposed to lead to the passage of pension reform has pushed Illinois closer to a downgrade of its credit rating.

Gov. Pat Quinn ordered lawmakers back to Springfield last Friday to deal with the state's massively underfunded pension systems, but the chambers could not agree on a deal.

(via Flickr/jglazer75)

Illinois has been given the lowest credit rating of any state in America by Moody's Investors Service.

Moody's lowered Illinois' rating Friday by another notch, to A2. No other state has such a low rating from Moody's. Only one other state, California, even gets the next-highest rating.

A lower rating generally means the state has to pay more interest when it sells bonds. That increases costs to taxpayers.