CHICAGO, Feb 6 (Reuters) - Illinois risks a credit rating downgrade and eroded economic growth prospects if the state fails to take action to fix its budget problems, S&P Global Ratings said on Monday.
S&P, which rates Illinois BBB with a negative outlook, said legislation boosting revenue and ending the state’s nearly two-year budget impasse could improve the near-term fiscal outlook.
A package of bills before the state Senate includes measures to increase state income taxes and allow borrowing to pay bills.
S&P said it takes no position on that legislation.
Reporting By Karen Pierog and Dave McKinney