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S&P moves Illinois a tick closer to junk status
Sunday, Apr 5, 2020 - Posted by Rich Miller * S&P has revised its state of Illinois credit outlook from BBB-/Stable to BBB-/Negative. That means Illinois is now just one tiny tick above non-investment grade status, or junk bond territory. We’ve been here before. S&P assigned a BBB-/Negative rating to Illinois in June of 2017, the month before several Republicans broke ranks with Gov. Bruce Rauner and ended the two-year budget impasse. S&P raised Illinois’ outlook to BBB-/Stable in July of 2019. The problem here is that, by all accounts, this COVID-19 problem is nowhere near the end. Brace yourselves.
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