Moody's Investors Service

A credit ratings agency has removed Illinois from a credit watch since legislators approved a budget and ended a more than two-year impasse. 

A major credit-rating agency has put Illinois under review for a rating downgrade even if lawmakers override Gov. Bruce Rauner's veto of a long-elusive budget deal.

Moody's Investors Service says it will review most of Illinois' public universities for potential credit downgrades over the next three months.  The bond credit rating business also bumped Northeastern Illinois University's credit down two levels. 

A credit ratings agency says for the Chicago Public Schools to work its way out of debt it must consider a property tax hike of more than $400 million annually.  Moody's Investors Service says the new tax revenue would be used to make debt payments now covered with state aid meant for the classroom. 

Moody's Investors Service will review the credit worthiness of seven Illinois universities after downgrading the state's credit to two levels above "junk" status this week.   Moody's announced that "reviews for downgrade" will proceed on the University of Illinois, Illinois State University, Southern Illinois University, Northern Illinois University, Governors State University, Northeastern Illinois University and Eastern Illinois University.

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A second major credit rating agency has downgraded Illinois' rating, citing financial "mismanagement" by state leaders amid a yearlong budget impasse.  S&P Global Ratings lowered the rating from BBB+ to BBB. The agency says the lack of a budget for the current fiscal year has "left Illinois with unmanaged spending" that could go on for another year.

Flickr Creative Commons/GotCredit / gotcredit.com

A major credit rating agency has downgraded Illinois' rating to two levels above "junk" status, citing the "political gridlock" that's prevented the state from getting a balanced budget for more than a year.  Moody's Investors Service lowered Illinois' rating on $26 billion in debt by one level, to Baa2. The downgrade also affects $2.75 billion in revenue bonds. 

Even if Illinois lawmakers reach a compromise soon, it's too late to help improve the state's credit rating, it's already the lowest rated state in the nation.

A major credit rating agency is warning legislators and Gov. Bruce Rauner that they need to reach a budget agreement by late September, or else incur massive financial problems.