Illinois Avoids One Credit Downgrade – 7/13/17

Last Updated on July 13th, 2017

Written by Kendra Tillman

>>Illinois Avoids One Credit Downgrade

Illinois’ credit is still terrible, but one Wall Street firm isn’t ready to rate the state as junk just yet. Standard and Poor’s yesterday said Illinois’ new state budget, and the five billion-dollar tax increase that fuels it, is enough to stave off a credit downgrade. S&P said Illinois won’t face a “liquidity crisis.” Democratic House Speaker Mike Madigan said S&P’s move is a sign that the 32-percent income tax increase is a”step in the right direction.”