"If Illinois gets downgraded below investment grade, the cost of government, the cost of services in the state of Illinois goes up," he said. "The cost of living in the state of Illinois goes up." Rating agencies and financial analysts have warned about Illinois' credit rating in the past, and the state has still maintained investment-grade status. Much of the current concern about Pritzker's budget plan stems from statements Moody's made in August 2018, the last time Illinois issued bonds. Moody's rated those bonds Baa3, the lowest investment-grade rating.