Wednesday, July 12, 2017

Illinois could be 1st state with 'junk' credit due to budget - Sara Burnett, Associated Press

Illinois is on track to become the first U.S. state to have its credit rating downgraded to "junk" status, which would deepen its multibillion-dollar deficit and cost taxpayers more for years to come. Because the state has historically been a significant funding source to other entities, such as local government and universities, many of them are feeling the impact of Illinois' worsening creditworthiness already. S&P already moved bonds held by the Metropolitan Pier & Exposition Authority and the Illinois Sports Facilities Authority — the entities that run Navy Pier, McCormick Place, and Guaranteed Rate Field — to junk. Five universities also have the rating: Eastern Illinois University, Governors State University, Northeastern Illinois University, Northern Illinois University and Southern Illinois University. http://abcnews.go.com/Politics/wireStory/illinois-1st-state-junk-credit-due-budget-48255357

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