Standard & Poor's Ratings Services on Wednesday downgraded Illinois' credit rating by one notch to A from A-plus, citing the state's large budget imbalance and an $83 billion unfunded pension liability.

House Republican Leader Tom Cross, in a joint statement with Senate Republican leader Christine Radogno, called for immediate action to craft comprehensive pension legislation instead of a piecemeal approach. Cross says it is no surprise the credit rating is downgraded and says they have no interest putting the burden on downstate property owners and tax payers.

[audio:83012CrossSP.MP3] [/audio]

Attached is audio with Rep. Cross who says there are a host of areas we can look at in fixing the pension problem, even some he doesn’t like but has agreed to work on and to collaborate on, but he has no interest in and will fight against any idea of placing the fix on the backs of suburban and downstate property taxpayers and homeowners.