Hernando Montero's Palm Beach Post Weekly Column: Illinois Budget Delay is Credit Negative for Local Governments

Monday, Jun 12, 2017

Hernando Montero-Salazar
Stoever Glass & Co., Inc.
Phone: (212) 952-1910
Toll Free: (800) 223-3881
E: hmontero@stoeverglass.com

On May 31, the Illinois General Assembly ended without an annual budget for the third straight year. Rating agencies warned of potential rating downgrades; however, a multi-notch downgrade to junk status on state general obligation (GO) ratings was unlikely. Illinois had until May 31 to approve a budget by a simple majority; starting June 1, a supermajority (three-fifths majority) was required, making the task of negotiating a solution even more difficult.

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