Moody's Investors Service downgraded $26.8 billion in Illinois' general obligation bonds on Thursday, prompting another round of finger pointing over the condition of the state's finances.

 

In lowering the bond rating to Baa1 from A3, the ratings agency pointed to what it called the Illinois' weakening financial position as the year progress.

 

"The downgrades reflect weakening of the state's financial position during 2015 and our expectation that an ongoing budget stalemate will lead to further deterioration," Moody's said in a statement.

 

Fitch Ratings on Monday downgraded its rating on the state's outstanding bonds for the same reasons. The result of such action means it will be more difficult and more expensive for the state to borrow money.

 

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