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Markets News

BRIEF-Moody's downgrades Illinois GOs to Baa3 from Baa2, outlook remains negative

June 1 (Reuters) - Moody’s:

* Moody’s downgrades Illinois GOS to Baa3 from Baa2, affecting $31.5 bln of GO and related debt; outlook negative

* Lowered rating on Illinois’ GO bonds amid political impasse that has prevented progress on growing pension deficit, increasing backlog of unpaid bills

* Says downgrade to Baa3 for Illinois’ GO bonds is consistent with the state’s “intensifying pressure” from pension liabilities

* Says Illinois' negative outlook is consistent with its potential for additional credit weakening because of a continuing political impasse Source text - (bit.ly/2rpHfJC)

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