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BRIEF-S&P says Illinois' ratings affirmed and removed from creditwatch
July 12, 2017 / 6:55 PM / 3 months ago

BRIEF-S&P says Illinois' ratings affirmed and removed from creditwatch

July 12 (Reuters) - S&P :

* S&P says Illinois’ ratings affirmed and removed from creditwatch following budget implementation‍​

* S&P says affirmed its ‘bbb-’ rating on Illinois’ general obligation (go) bonds

* S&P says also affirmed ‘bb+’ ratings on Illinois’ appropriation-backed debt, which includes chicago’s outstanding motor fuel tax (mft) revenue bonds

* S&P says removed ratings from creditwatch because it no longer believe Illinois is at risk of experiencing liquidity crisis in near term as it was before ​

* S&P says affirmed ‘bb-’ ratings on Illinois’ moral obligation-backed debt

* S&P says outlook on all Illinois debt ratings is stable

* S&P says on its own, passage of a budget does not alleviate the pressure on Illinois’ credit quality related to its weak liability profile

* S&P - budget passage represents affirmation of lawmakers’ willingness to prioritize Illinois’ fundamental claims-paying ability at investment-grade level

* S&P - Illinois to almost certainly suffer extended fiscal hangover from impasse, not least from record level of unpaid bills which will be drain on future resources

* S&P says any indication Illinois will opt against executing on backlog-related provisions could result in short-lived outlook stability Source text : (bit.ly/2uf3g17)

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