Wednesday, January 30, 2013

Illinois bonds headed to junk status?

No signs that Obama's home state will ever reform itself--spiraling down and down--

UPDATE 1-S&P lowers Illinois credit rating to A-minus over pensions | Reuters: ""While it is unusual for a state rating to fall into the BBB category, lack of action on pension reform and upcoming budget challenges could result in further credit deterioration, particularly if it translates into weaker liquidity," S&P said in a report. Illinois joins California in having the lowest rating among states S&P rates, although California's outlook is positive. Illinois' A2 rating with a negative outlook from Moody's Investors Service is already the lowest state rating from that credit agency. Earlier this month, Fitch Ratings put Illinois on a watch list for a potential downgrade of its A rating over the next six months. A drop into the BBB category would keep Illinois just above the BB category, where debt is considered junk."

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