CHICAGO, Ill. – Illinois is scheduled to sell $850 million dollars in bonds Tuesday, October 20. There are concerns the move could push the state’s bond rating to “junk status.”
According to our partners at the Post- Dispatch, the move is in response to increased worries over the state’s deep financial crisis which were made worse by the pandemic.
Illinois is the lowest-rated state at a notch above junk due to its huge unfunded pension liability and chronic structural budget deficit.
All three major credit rating agencies assigned negative outlooks to their ratings in the wake of the pandemic.