Standard and Poor’s Threaten Illinois With Municipal “Junk Bond” Status – First State Ever Facing “Junk Bond” Status…The Illinois long-term labor pension liabilities are ridiculous in the extreme. However, things just went from bad to jaw-droppingly, gobsmackingly, unbelievably worse.
According to the latest financial media reports, Standard and Poors Global Ratings agency has positioned Illinois bonds to drop below “investment” grade;
that would make Illinois the first state in the nation to achieve “junk bond” status.
(Via ABC) 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.
S&P Global Ratings has warned the agency
will likely lower Illinois’ creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year, increasing the amount the state will have to pay to borrow money for
things such as building roads or refinancing existing debt.
https://theconservativetreehouse.com/2017/06/24/wow-s-p-threatens-illinois-with-junk-bond-municipal-status-first-state-ever-facing-junk-bond-status/
