Illinois State Treasurer’s Office News Releases
With Ratings This Low, Illinois Couldn’t Buy Its Own Bonds
SPRINGFIELD — Illinois’ credit rating has fallen so low that the state is too risky an investment for even itself, Comptroller Susana Mendoza and Treasurer Michael Frerichs announced Friday. The State Treasurer’s guidelines say the state should not invest in bonds with anything less than an A-minus rating. See guideline 5.0(k) . Moody’s and Standard & Poor’s both lowered the state’s credit rating to one level above junk- bond status Thursday after the Governor and the legislature failed to reach agreement on a budget before the scheduled end of the…
Treasurer Frerichs Statement on Moody’s Credit Downgrade
SPRINGFIELD — Illinois State Treasurer Michael Frerichs issued the following statement after Moody’s Investors Service issued more credit downgrades for Illinois: “Two credit downgrades in 24 hours further underscores the need for a full, balanced budget,” Frerichs said. “My warnings were ignored and credit agencies have responded. We need a bipartisan budget now to end this crisis.” Following today’s credit downgrades from S & P Global Ratings, Moody’s Investors Service today lowered the rating on the State of Illinois’ general obligation (GO) bonds to Baa3 from Baa2. In a news…