Two major credit ratings agencies, Standard and Poor’s Global Ratings and Moody’s Investors Service, have dropped Illinois’ credit outlook to “negative” from “stable” on expectations that economic fallout from COVID-19 will strain state budgets.
Both currently rank Illinois bonds just one notch above non-investment grade debt, also known as “junk” status, while the third major agency, Fitch Ratings, puts Illinois slightly higher at two grades above junk.
