Illinois Becomes Moody’s Lowest-Rated U.S. State With Debt Downgrade to A2

Illinois Becomes Moody’s Lowest-Rated U.S. State With Debt Downgrade to A2 - Bloomberg
Illinois (STOIL1) had its general-obligation bond rating reduced by Moody’s Investors Service to A2 from A1, making it the company’s lowest-graded U.S. state.
The downgrade to the sixth-highest rating came after a legislative session that “took no steps to implement lasting solutions to its severe pension under-funding or to its chronic bill payment delays,” Moody’s said in a report.
Illinois, it said, has “weak management practices.”