Illinois has huge unfunded pension liabilities. Like 100 Billion. The Illinois government largely ignored the problem for 25 years as it worsened in the 2001 crash and then in the housing crash. The Constitution of Illinois actually enshrines pension benefits for state workers and says they can't be reduced. So basically Illinois needs to massively raise taxes and at the same time reduce other programs. Republicans won't raise taxes, Dems won't reduce programs. Simple problem. No solution. Except if they do both, but that would require compromise and they hate each other. So.... that's fun to watch from the AAA credit rating side of the river. We have a balanced budget amendment.
Which AAA state is that? Michigan? Detroit sticks out in my mind as a bit less than AAA but the state may be in good shape.