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Illinois' low credit rating at risk without budget action-S&P
February 6, 2017 / 4:18 PM / 10 months ago

Illinois' low credit rating at risk without budget action-S&P

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

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