"Now The Pain Begins": S&P, Moody's Cut Illinois To Near Junk, Lowest Ever Rating For A U.S. State

First S&P, then Moody's downgraded Illinois to BB+/Baa3, respectively, both just one notch above junk, the lowest rating ever given to a U.S. state, as both agencies cited a long-running political stalemate over a budget shows no signs of ending.