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Moody's Illinois affirmation first signal that budget won't draw downgrades

June 04, 2019

Moody's Investors Service affirmed its Baa3 rating and stable outlook on Illinois general obligation bonds Tuesday afternoon.

The formal action underscores the views of several municipal bond market observers that the budget does just enough to keep the state from a calamitous downgrade to speculative grade - but nowhere near enough to start talking upgrade.

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