CHICAGO (AP) — Treasurer Dan Rutherford says Illinois' credit rating downgrade is likely to cost taxpayers more in interest when the state issues bonds.

Standard & Poor's lowered Illinois' credit rating Friday due to concern over the state's failure to address its $96 billion pension fund deficit. Rutherford says lawmakers' inaction has Illinois "headed for financial disaster."

Gov. Pat Quinn said earlier Friday that rating agencies won't give Illinois better marks until the General Assembly passes pension reform.