Tajuk : S&P cuts Illinois’ debt rating and warns it’s at risk of entering a ‘negative credit spiral’
link : S&P cuts Illinois’ debt rating and warns it’s at risk of entering a ‘negative credit spiral’
S&P cuts Illinois’ debt rating and warns it’s at risk of entering a ‘negative credit spiral’
Scott Olson/Getty Images
Credit rating agency Standard and Poors lowered its rating on various bonds issued by Illinois one notch.
S&P lowered the state’s general obligation bonds one notch from ‘BBB-‘ to ‘BB+’ while cutting state appropriation bonds from ‘BB’ to ‘BB-.’
“The rating actions largely reflect the severe deterioration of Illinois’ fiscal condition, a byproduct of its stalemated budget negotiations, now approaching the start of a third fiscal year,” S&P Global Ratings credit analyst Gabriel Petek said in the release.
Petek also put Illinois on “CreditWatch negative” and warned that the state is at risk of entering a “negative credit spiral, where downgraded credit ratings would trigger contingent demands on state liquidity, further exacerbating its fiscal distress.”
Illinois is on the verge of going a third straight year without a budget after lawmakers failed to pass one in the spring session, according to WGN. It has more than $14 billion in unpaid bills.
“If lawmakers fail to reach agreement on a budget with provisions designed to reduce the state’s structural deficit, it’s likely we will again lower the ratings,” Petek wrote.
Illinois isn’t alone in its struggle. Chicago has also had trouble managing its municipal debt, which is currently rated “junk” at Moody’s and one notch above junk at both Fitch and S&P.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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Scott Olson/Getty Images
Credit rating agency Standard and Poors lowered its rating on various bonds issued by Illinois one notch.
S&P lowered the state’s general obligation bonds one notch from ‘BBB-‘ to ‘BB+’ while cutting state appropriation bonds from ‘BB’ to ‘BB-.’
“The rating actions largely reflect the severe deterioration of Illinois’ fiscal condition, a byproduct of its stalemated budget negotiations, now approaching the start of a third fiscal year,” S&P Global Ratings credit analyst Gabriel Petek said in the release.
Petek also put Illinois on “CreditWatch negative” and warned that the state is at risk of entering a “negative credit spiral, where downgraded credit ratings would trigger contingent demands on state liquidity, further exacerbating its fiscal distress.”
Illinois is on the verge of going a third straight year without a budget after lawmakers failed to pass one in the spring session, according to WGN. It has more than $14 billion in unpaid bills.
“If lawmakers fail to reach agreement on a budget with provisions designed to reduce the state’s structural deficit, it’s likely we will again lower the ratings,” Petek wrote.
Illinois isn’t alone in its struggle. Chicago has also had trouble managing its municipal debt, which is currently rated “junk” at Moody’s and one notch above junk at both Fitch and S&P.
NOW WATCH: Animated map shows what the US would
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
✍ Sumber Pautan : ☕ Business InsiderBusiness Insider
Kredit kepada pemilik laman asal dan sekira berminat untuk meneruskan bacaan sila klik link atau copy paste ke web server : http://ift.tt/2rJorZ0
(✿◠‿◠)✌ Mukah Pages : Pautan Viral Media Sensasi Tanpa Henti. Memuat-naik beraneka jenis artikel menarik setiap detik tanpa henti dari pelbagai sumber. Selamat membaca dan jangan lupa untuk 👍 Like & 💕 Share di media sosial anda!
dengan itu Perkara S&P cuts Illinois’ debt rating and warns it’s at risk of entering a ‘negative credit spiral’
Kini anda membaca artikel S&P cuts Illinois’ debt rating and warns it’s at risk of entering a ‘negative credit spiral’ dengan alamat pautan https://timesnewmalaysia.blogspot.com/2017/06/s-cuts-illinois-debt-rating-and-warns.html
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