Moody's cuts Illinois debt rating

Clout Street

Though Illinois took steps in the last year to address its fiscal crisis, including a temporary hike in the corporate and personal income tax rates, the steps did not lift the ratings on its debt.

As the state prepares to take $800 million in general obligation bonds to market next week, two of the three major credit rating agencies kept their ratings the same and one downgraded its rating a notch, which means Illinois continues to lag most other states. The bond issue will help finance school, transportation and other capital projects.

Moody's Corporation" href="">Moody's on Friday downgraded the state's rating from A1 to A2, still investment grade, but in the middle of that range.

Tribune business writer Kathy Bergen has more HERE.

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