S&P moves Illinois a tick closer to junk status
Sunday, Apr 5, 2020
* 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.