June 1, 2017 / 2:29 PM / a year ago

BRIEF-S&P says Illinois various debt ratings lowered one notch on State's deteriorating fiscal condition

June 1 (Reuters) - S&P Global Ratings

* s&p says illinois various debt ratings lowered one notch on the state’s deteriorating fiscal condition; on creditwatch negative‍​

* s&p says lowered its rating on illinois’ general obligation (go) bonds to ‘bbb-‘ from ‘bbb’‍​‍​

* s&p - rating actions largely reflect severe deterioration of illinois’ fiscal condition

* s&p - believe illinois now at risk of entering negative credit spiral, where downgraded credit ratings would trigger contingent demands on state liquidity

* s&p - lowered ratings to ‘bb+’ from ‘bbb-‘ on illinois’ appropriation debt, including bonds issued by sports facility authority, metropolitan pier & exposition authority

* s&p - ongoing budget impasse increased nonpayment risk associated with illinois’ obligations that require a budget appropriation before they can be funded

* s&p says lowered to 'bb-' from 'bb' our ratings on the illinois's moral obligation-backed debt Source text (bit.ly/2qFwN3x)

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