Standard & Poor's Ratings Services assigned its 'A+' rating, and negative outlook, to the state of Illinois' $525 million series A general obligation (GO) bonds of January 2012 and $275 million series B taxable GO bonds of January 2012. At the same, Standard & Poor's affirmed its 'A+' rating, with a negative outlook, on the parity debt outstanding. We understand that proceeds from the series 2012 bond issues will fund the state's capital program. Key factors supporting the 'A+' ratings include what we view as Illinois': Deep and diverse economy, which is anchored by the Chicago metropolitan statistical area; Above-average income levels; Almost unlimited ability to raise taxes and other revenues due to its sovereign powers and the absence of...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Negative
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