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Solvecasters  3 years ago

S&P found Illinois faces at least a 5% budget gap for the current fiscal year 2021, even if the progressive tax is approved. The rating agency also warned because of rising debt and continued unbalanced budgets, “Illinois could exhibit further characteristics of a non-investment-grade issuer.” In other words, the state of Illinois is at risk of becoming the first “junk”-rated state in U.S. history. All three major ratings agencies currently put Illinois just one notch above junk status with a negative outlook, indicating further downgrades could come soon. <a href="https://www.spglobal.com/ratings/en/research/articles/200601-illinois-fiscal-2021-budget-anticipates-and-needs-additional-federal-aid-11514461">https://www.spglobal.com/ratings/en/research/articles/200601-illinois-fiscal-2021-budget-anticipates-and-needs-additional-federal-aid-11514461</a>